Bill > S7010

This bill modifies Florida's deferred compensation program by authorizing state, county, municipal, and political subdivision employees to participate in a qualified Roth contribution program, which allows employees to make after-tax contributions to their retirement savings plan. The bill specifically amends section 112.215 of Florida Statutes to permit deferred compensation plans to offer Roth contributions in accordance with section 402A of the Internal Revenue Code, which means employees can contribute money that has already been taxed and potentially withdraw funds tax-free in retirement. The bill also repeals a previous legislative section and retroactively ratifies actions taken by the Chief Financial Officer that permitted Roth contributions to the state deferred compensation plan beginning July 1, 2024, with the act itself operating retroactively to January 1, 2026. By adding this provision, the bill provides government employees more flexibility in managing their retirement savings and potential tax strategies, giving them an additional option for contributing to their deferred compensation plans.

Governmental Oversight and Accountability (Senate)

https://www.flsenate.gov/Session/Bill/2026/7010