H 1403

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    HB 1403  2026
1A bill to be entitled
2An act relating to deferred compensation plans for
3public employees; providing a short title; amending s.
4112.215, F.S.; authorizing the inclusion of an
5automatic enrollment arrangement in a government
6employee's deferred compensation plan; requiring that
7the automatic enrollment arrangement be established
8with a default contribution rate; authorizing the
9periodic reenrollment of specified government
10employees; authorizing the periodic resetting of
11contribution rates for specified government employees;
12requiring that the automatic enrollment arrangement
13provide employees the ability to make certain
14elections regarding contributions; requiring that the
15plan provide for a default investment into which
16contributions must be placed under a specified
17circumstance; authorizing counties, municipalities,
18political subdivisions, and constitutional county
19officers to adopt automatic enrollment arrangements
20for specified deferred compensation programs;
21providing that the deferred compensation plan of the
22state may adopt an automatic enrollment arrangement
23only upon the approval of the Legislature; amending
24ss. 110.114 and 112.171, F.S.; requiring that a
25certain deduction of the wages or salary of employees
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26be treated in a specified manner; providing an
27effective date.
28
29    Be It Enacted by the Legislature of the State of Florida:
30
31Section 1.       This act may be cited as the "Deferred
32    Compensation Automatic Enrollment Act."
33Section 2.       Subsection (3) of section 112.215, Florida
34    Statutes, is amended to read:
35112.215     Government employees; deferred compensation
36    program.—
37(3)(a)      In accordance with a plan of deferred compensation
38    which has been approved as herein provided, the state or any
39    state agency, county, municipality, other political subdivision,
40    or constitutional county officer may, by contract or a
41    collective bargaining agreement, agree with any employee to
42    defer all or any portion of that employee's otherwise payable
43    compensation and, pursuant to the terms of such approved plan
44    and in such proportions as may be designated or directed under
45    that plan, place such deferred compensation in savings accounts
46    or use the same to purchase fixed or variable life insurance or
47    annuity contracts, securities, evidence of indebtedness, or such
48    other investment products as may have been approved for the
49    purposes of carrying out the objectives of such plan. Such
50    insurance, annuity, savings, or investment products must shall
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51    be underwritten and offered in compliance with the applicable
52    federal and state laws and regulations by persons who are duly
53    authorized by the applicable state and federal authorities.
54(b)     Such plan of deferred compensation may include an
55    automatic enrollment arrangement under which a government
56    employee's otherwise payable compensation is deducted and
57    contributed to the plan unless the government employee elects
58    not to contribute or elects to contribute a different rate or
59    amount. Such automatic enrollment arrangement must establish a
60    default contribution rate, may provide for the periodic
61    reenrollment of government employees eligible but not
62    participating in the plan, and may allow the periodic resetting
63    of contribution rates for government employees contributing at
64    rates lower than those established by the automatic enrollment
65    arrangement.
66(c)     An automatic enrollment arrangement must provide that
67    a government employee may, at any time, elect not to contribute
68    to the plan or may elect to contribute to the plan at a
69    different rate or amount than the default rate.
70(d)     If a deferred compensation plan includes an automatic
71    enrollment arrangement, the plan must provide for a default
72    investment into which contributions must be placed in the
73    absence of an election from the government employee.
74(e)     Any county, municipality, or other political
75    subdivision of the state may by ordinance, and any
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76     constitutional county officer under s. 1(d), Art. VIII of the
77     State Constitution may by contract agreement or other
78     documentation constituting approval, adopt an automatic
79     enrollment arrangement for its own deferred compensation
80     program. Notwithstanding subsection (4), the deferred
81     compensation plan of the state may adopt an automatic enrollment
82     arrangement only upon the approval of the Legislature and not
83     pursuant to the authority of the Chief Financial Officer.
84Section 3.       Subsection (1) of section 110.114, Florida
85     Statutes, is amended to read:
86110.114     Employee wage deductions.—
87(1)     The state or any of its departments, bureaus,
88     commissions, and officers are authorized and permitted, with the
89     concurrence of the Department of Financial Services, to make
90     deductions from the salary or wage of any employee or employees
91     in such amount as shall be authorized and requested by such
92     employee or employees and for such purpose as shall be
93     authorized and requested by such employee or employees and shall
94     pay such sums so deducted as directed by such employee or
95     employees. Deduction of the salary or wage of an employee as
96     authorized by an automatic enrollment arrangement pursuant to s.
97     112.215(3)(c) must be treated as authorized and requested by
98     such employee for purposes of this subsection. The concurrence
99     of the Department of Financial Services may shall not be
100    required for the deduction of a certified bargaining agent's
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101    membership dues deductions pursuant to s. 447.303 or any
102    deductions authorized by a collective bargaining agreement.
103Section 4.       Subsection (1) of section 112.171, Florida
104    Statutes, is amended to read:
105112.171     Employee wage deductions.—
106(1)     The counties, municipalities, and special districts of
107    the state and the departments, agencies, bureaus, commissions,
108    and officers thereof are authorized and permitted in their sole
109    discretion to make deductions from the salary or wage of any
110    employee or employees in such amount as shall be authorized and
111    requested by such employee or employees and for such purpose as
112    shall be authorized and requested by such employee or employees
113    and shall pay such sums so deducted as directed by such employee
114    or employees. Deduction of the salary or wage of an employee as
115    authorized by an automatic enrollment arrangement pursuant to s.
116    112.215(3)(c) must be treated as authorized and requested by
117    such employee for purposes of this subsection.
118Section 5.       This act shall take effect July 1, 2026.
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