Florida 2025 Regular Session

Florida House Bill H0985 Compare Versions

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

Old	New	Differences
1	1
2	2
3	3	HB 985 2025
4	4
5	5
6	6
7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb985-00
9	9	Page 1 of 5
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
11	11
12	12
13	13
14	14	A bill to be entitled 1
15	15	An act relating to deferred compensation plans for 2
16	16	public employees; providing a short title; amending s. 3
17	17	112.215, F.S.; authorizing that certain employees' 4
18	18	payable compensation be deducted and contributed to a 5
19	19	deferred compensation plan through an automat ic 6
20	20	enrollment arrangement unless the employee makes a 7
21	21	certain election; requiring that the automatic 8
22	22	enrollment arrangement be established with a default 9
23	23	contribution rate; authorizing the periodic 10
24	24	reenrollment of specified government employees; 11
25	25	authorizing the periodic resetting of contribution 12
26	26	rates for specified government employees; requiring 13
27	27	that the automatic enrollment arrangement provide 14
28	28	employees the ability to make certain elections 15
29	29	regarding contributions; requiring that the plan 16
30	30	provide for a default investment into which 17
31	31	contributions must be placed under a specified 18
32	32	circumstance; authorizing counties, municipalities, 19
33	33	political subdivisions, and constitutional county 20
34	34	officers to adopt automatic enrollment arrangements 21
35	35	for specified deferred comp ensation programs; 22
36	36	providing that the deferred compensation plan may only 23
37	37	include an automatic enrollment arrangement upon 24
38	38	approval of the Legislature; authorizing that certain 25
39	39
40	40	HB 985 2025
41	41
42	42
43	43
44	44	CODING: Words stricken are deletions; words underlined are additions.
45	45	hb985-00
46	46	Page 2 of 5
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
48	48
49	49
50	50
51	51	automatic deferrals be made by payroll deduction; 26
52	52	amending ss. 110.114 and 112. 171, F.S.; requiring that 27
53	53	a certain deduction of the wages or salary of 28
54	54	employees be treated in a specified manner; making 29
55	55	technical changes; providing an effective date. 30
56	56	31
57	57	Be It Enacted by the Legislature of the State of Florida: 32
58	58	33
59	59	Section 1. This act may be cited as the "Deferred 34
60	60	Compensation Automatic Enrollment Act." 35
61	61	Section 2. Subsection (3) of section 112.215, Florida 36
62	62	Statutes, is amended to read: 37
63	63	112.215 Government employees; deferred compensation 38
64	64	program.— 39
65	65	(3)(a) In accordance with a p lan of deferred compensation 40
66	66	which has been approved as herein provided, the state or any 41
67	67	state agency, county, municipality, other political subdivision, 42
68	68	or constitutional county officer may, by contract or a 43
69	69	collective bargaining agreement, agree with an y employee to 44
70	70	defer all or any portion of that employee's otherwise payable 45
71	71	compensation and, pursuant to the terms of such approved plan 46
72	72	and in such proportions as may be designated or directed under 47
73	73	that plan, place such deferred compensation in savings accounts 48
74	74	or use the same to purchase fixed or variable life insurance or 49
75	75	annuity contracts, securities, evidence of indebtedness, or such 50
76	76
77	77	HB 985 2025
78	78
79	79
80	80
81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb985-00
83	83	Page 3 of 5
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
85	85
86	86
87	87
88	88	other investment products as may have been approved for the 51
89	89	purposes of carrying out the objectives of such plan. Such 52
90	90	insurance, annuity, savings, or investment products must shall 53
91	91	be underwritten and offered in compliance with the applicable 54
92	92	federal and state laws and regulations by persons who are duly 55
93	93	authorized by the applicable state and federal authorities. 56
94	94	(b) Such plan of deferred compensation may include an 57
95	95	automatic enrollment arrangement under which a government 58
96	96	employee's otherwise payable compensation is deducted and 59
97	97	contributed to the plan unless the government employee elects 60
98	98	not to contribute or elects t o contribute a different rate or 61
99	99	amount. Such automatic enrollment arrangement must establish a 62
100	100	default contribution rate, may provide for the periodic 63
101	101	reenrollment of government employees eligible but not 64
102	102	participating in the plan, and may allow the perio dic resetting 65
103	103	of contribution rates for government employees contributing at 66
104	104	rates lower than those established by the automatic enrollment 67
105	105	arrangement. 68
106	106	(c) An automatic enrollment arrangement must provide that 69
107	107	a government employee may, at any time, ele ct not to contribute 70
108	108	to the plan or may elect to contribute to the plan at a 71
109	109	different rate or amount than the default rate. 72
110	110	(d) If a deferred compensation plan includes an automatic 73
111	111	enrollment arrangement, the plan must provide for a default 74
112	112	investment into which contributions must be placed in the 75
113	113
114	114	HB 985 2025
115	115
116	116
117	117
118	118	CODING: Words stricken are deletions; words underlined are additions.
119	119	hb985-00
120	120	Page 4 of 5
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
122	122
123	123
124	124
125	125	absence of an election from the government employee. 76
126	126	(e) Any county, municipality, or other political 77
127	127	subdivision of the state may by ordinance, and any 78
128	128	constitutional county officer under s. 1(d), Art. VIII of the 79
129	129	State Constitution may, by contract agreement or other 80
130	130	documentation constituting approval, adopt an automatic 81
131	131	enrollment arrangement for its own deferred compensation 82
132	132	program. Notwithstanding subsection (4), the deferred 83
133	133	compensation plan of this state may only adopt an automatic 84
134	134	enrollment arrangement upon approval of the Legislature. 85
135	135	Section 3. Subsection (1) of section 110.114, Florida 86
136	136	Statutes, is amended to read: 87
137	137	110.114 Employee wage deductions. — 88
138	138	(1) The state or any of its department s, bureaus, 89
139	139	commissions, and officers are authorized and permitted, with the 90
140	140	concurrence of the Department of Financial Services, to make 91
141	141	deductions from the salary or wage of any employee or employees 92
142	142	in such amount as shall be authorized and requested by such 93
143	143	employee or employees and for such purpose as shall be 94
144	144	authorized and requested by such employee or employees and shall 95
145	145	pay such sums so deducted as directed by such employee or 96
146	146	employees. Deduction of the salary or wage of an employee as 97
147	147	authorized by an automatic enrollment arrangement pursuant to s. 98
148	148	112.215(3)(c) must be treated as authorized and requested by 99
149	149	such employee for purposes of this subsection. The concurrence 100
150	150
151	151	HB 985 2025
152	152
153	153
154	154
155	155	CODING: Words stricken are deletions; words underlined are additions.
156	156	hb985-00
157	157	Page 5 of 5
158	158	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
159	159
160	160
161	161
162	162	of the Department of Financial Services may shall not be 101
163	163	required for the dedu ction of a certified bargaining agent's 102
164	164	membership dues deductions pursuant to s. 447.303 or any 103
165	165	deductions authorized by a collective bargaining agreement. 104
166	166	Section 4. Subsection (1) of section 112.171, Florida 105
167	167	Statutes, is amended to read: 106
168	168	112.171 Employee wage deductions. — 107
169	169	(1) The counties, municipalities, and special districts of 108
170	170	the state and the departments, agencies, bureaus, commissions, 109
171	171	and officers thereof are authorized and permitted in their sole 110
172	172	discretion to make deductions from the salary or wage of any 111
173	173	employee or employees in such amount as shall be authorized and 112
174	174	requested by such employee or employees and for such purpose as 113
175	175	shall be authorized and requested by such employee or employees 114
176	176	and shall pay such sums so deducted as directed by such employee 115
177	177	or employees. Deduction of the salary or wage of an employee as 116
178	178	authorized by an automatic enrollment arrangement pursuant to s. 117
179	179	112.215(3)(c) must be treated as authorized and requested by 118
180	180	such employee for purposes of this subsection. 119
181	181	Section 5. This act shall take effect July 1, 2025. 120