Florida 2024 Regular Session

Florida House Bill H1401 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 1401 2024
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10	10	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
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14	14	A bill to be entitled 1
15	15	An act relating to a cosmetologist retirement savings 2
16	16	program; creating s. 448.112, F.S.; providing 3
17	17	definitions; creating the Florida Facilitated 4
18	18	Retirement Program; providing the purpose of the 5
19	19	program; requiring certain employers to collect funds 6
20	20	from specified employees; requiring such funds to be 7
21	21	invested in certain accounts for a specified benefit; 8
22	22	providing construction; creating the Florida 9
23	23	Facilitated Retirement Program Board to administer a 10
24	24	specified program; providing membership of the board; 11
25	25	providing the power and duties of the board; 12
26	26	authorizing rulemaking; requiring the program to be 13
27	27	prepared to perform certain duties by a specified 14
28	28	date; providing an effective date. 15
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30	30	Be It Enacted by the Legislature of the State of Florida: 17
31	31	18
32	32	Section 1. Section 448.112, Florida Statutes, is created 19
33	33	to read: 20
34	34	448.112 Florida Facilitated Retirement Program. — 21
35	35	(1) As used in this section the term: 22
36	36	(a) "Individual retirement account" means a Roth IRA under 23
37	37	Section 408A of the Internal Revenue Code. 24
38	38	(b) "Participating employer" means a business that employs 25
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47	47	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
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51	51	a qualified employee. 26
52	52	(c) "Qualified employee" means a person employed to work 27
53	53	as a cosmetologist o r cosmetology specialist who is licensed 28
54	54	under chapter 477 and who has voluntarily decided to participate 29
55	55	in the Florida Facilitated Retirement Program. 30
56	56	(2)(a) The Florida Facilitated Retirement Program is 31
57	57	created for the purpose of increasing participat ion in 32
58	58	retirement planning by allowing qualified employees to invest in 33
59	59	individual retirement accounts through a payroll deduction and 34
60	60	to reduce administrative costs through economies of scale. 35
61	61	(b) The program is administered by the board created in 36
62	62	subsection (3), or by an entity contracted by the board to 37
63	63	administer the program. 38
64	64	(c) Participating employers will collect funds from 39
65	65	members through a payroll deduction which is transmitted to an 40
66	66	account managed by the board. Funds will be invested in 41
67	67	individual retirement accounts in the name and for the benefit 42
68	68	of individual members. Plan funds are not state funds. The 43
69	69	program is not a state administered retirement plan. 44
70	70	(3)(a) The Florida Facilitated Retirement Board is created 45
71	71	as a body corporate to a dminister the Florida Facilitated 46
72	72	Retirement Program. For the purposes of s. 6, Art. IV of the 47
73	73	State Constitution, the board shall be assigned to and 48
74	74	administratively housed within the State Board of 49
75	75	Administration, but the board shall independently exerci se the 50
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84	84	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
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88	88	powers and duties specified in this section. 51
89	89	(b) The board shall consist of the following five members: 52
90	90	1. The Chief Financial Officer or his or her designee, who 53
91	91	shall serve as chair. 54
92	92	2. The Secretary of Commerce or his or her designee. 55
93	93	3. The executive director of the State Board of 56
94	94	Administration or his or her designee. 57
95	95	4. One member who has experience in retirement savings 58
96	96	plan administration or investment appointed by the Governor. 59
97	97	5. One member who is licensed as a cosmetologist or 60
98	98	cosmetology specialist under chapter 477, appointed by the 61
99	99	Governor. 62
100	100	(c) The board shall have the powers and duties necessary 63
101	101	to carry out the provisions of this section, including the power 64
102	102	to make and execute contracts and other necessary instruments 65
103	103	and to administer accounts and funds collected through the 66
104	104	program. 67
105	105	(4) Participating employers must allow qualified employees 68
106	106	to make an optional contribution to the plan through a payroll 69
107	107	deduction which will be transferred to an account managed by the 70
108	108	board. 71
109	109	(5) The board may create any rules, forms, or other 72
110	110	material necessary to implement the program. 73
111	111	(6) The program must be prepared to begin accepting and 74
112	112	investing funds by January 1, 2026. 75
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121	121	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
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125	125	Section 2. This act shall take effect July 1, 2024. 76