HB 1401 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to a cosmetologist retirement savings 2
program; creating s. 448.112, F.S.; providing 3
definitions; creating the Florida Facilitated 4
Retirement Program; providing the purpose of the 5
program; requiring certain employers to collect funds 6
from specified employees; requiring such funds to be 7
invested in certain accounts for a specified benefit; 8
providing construction; creating the Florida 9
Facilitated Retirement Program Board to administer a 10
specified program; providing membership of the board; 11
providing the power and duties of the board; 12
authorizing rulemaking; requiring the program to be 13
prepared to perform certain duties by a specified 14
date; providing an effective date. 15
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Be It Enacted by the Legislature of the State of Florida: 17
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Section 1. Section 448.112, Florida Statutes, is created 19
to read: 20
448.112 Florida Facilitated Retirement Program. — 21
(1) As used in this section the term: 22
(a) "Individual retirement account" means a Roth IRA under 23
Section 408A of the Internal Revenue Code. 24
(b) "Participating employer" means a business that employs 25
HB 1401 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
a qualified employee. 26
(c) "Qualified employee" means a person employed to work 27
as a cosmetologist o r cosmetology specialist who is licensed 28
under chapter 477 and who has voluntarily decided to participate 29
in the Florida Facilitated Retirement Program. 30
(2)(a) The Florida Facilitated Retirement Program is 31
created for the purpose of increasing participat ion in 32
retirement planning by allowing qualified employees to invest in 33
individual retirement accounts through a payroll deduction and 34
to reduce administrative costs through economies of scale. 35
(b) The program is administered by the board created in 36
subsection (3), or by an entity contracted by the board to 37
administer the program. 38
(c) Participating employers will collect funds from 39
members through a payroll deduction which is transmitted to an 40
account managed by the board. Funds will be invested in 41
individual retirement accounts in the name and for the benefit 42
of individual members. Plan funds are not state funds. The 43
program is not a state administered retirement plan. 44
(3)(a) The Florida Facilitated Retirement Board is created 45
as a body corporate to a dminister the Florida Facilitated 46
Retirement Program. For the purposes of s. 6, Art. IV of the 47
State Constitution, the board shall be assigned to and 48
administratively housed within the State Board of 49
Administration, but the board shall independently exerci se the 50
HB 1401 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
powers and duties specified in this section. 51
(b) The board shall consist of the following five members: 52
1. The Chief Financial Officer or his or her designee, who 53
shall serve as chair. 54
2. The Secretary of Commerce or his or her designee. 55
3. The executive director of the State Board of 56
Administration or his or her designee. 57
4. One member who has experience in retirement savings 58
plan administration or investment appointed by the Governor. 59
5. One member who is licensed as a cosmetologist or 60
cosmetology specialist under chapter 477, appointed by the 61
Governor. 62
(c) The board shall have the powers and duties necessary 63
to carry out the provisions of this section, including the power 64
to make and execute contracts and other necessary instruments 65
and to administer accounts and funds collected through the 66
program. 67
(4) Participating employers must allow qualified employees 68
to make an optional contribution to the plan through a payroll 69
deduction which will be transferred to an account managed by the 70
board. 71
(5) The board may create any rules, forms, or other 72
material necessary to implement the program. 73
(6) The program must be prepared to begin accepting and 74
investing funds by January 1, 2026. 75
HB 1401 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Section 2. This act shall take effect July 1, 2024. 76