Bill > S1018

This bill enables public employers in Florida to implement automatic enrollment arrangements in deferred compensation plans, which means employees would be automatically enrolled in retirement savings plans with a default contribution rate unless they actively choose to opt out or modify their contribution amount. The legislation allows counties, municipalities, political subdivisions, and constitutional county officers to adopt these automatic enrollment arrangements for their deferred compensation programs, with the state's plan requiring specific legislative approval. The bill requires that any automatic enrollment arrangement must provide employees the ability to elect not to contribute, change their contribution rate, or choose a different contribution amount. Additionally, the plan must include a default investment option for contributions when an employee has not made a specific investment selection. The bill also ensures that deductions made through these automatic enrollment arrangements are legally considered as authorized and requested by the employee, which removes potential administrative barriers. These changes are designed to encourage more public employees to participate in retirement savings plans by making enrollment more convenient and reducing the need for employees to take proactive steps to begin saving.

https://www.flsenate.gov/Session/Bill/2026/1018