Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 428
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  03/07/2017           .                                

       The Committee on Community Affairs (Clemens) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. (1) The Office of Program Policy Analysis and
    6  Government Accountability shall conduct a comprehensive study
    7  regarding methods of reducing economic insecurity in retirement
    8  and increasing opportunities for Florida residents who lack
    9  access to a workplace retirement plan or who do not contribute
   10  to a retirement plan outside of work to save adequately for
   11  retirement.
   12         (2) At a minimum, the study must include all of the
   13  following:
   14         (a) Statistics on the percentage of Florida residents who
   15  are enrolled in employer-sponsored retirement plans and of those
   16  who contribute to a retirement plan outside of employment. The
   17  statistics must also include the percentage of Florida residents
   18  enrolled in defined benefit plans and defined contribution
   19  plans.
   20         (b) A review of programs enacted or proposed by other
   21  states to provide access to a state-sponsored retirement savings
   22  program for workers at private sector or nonprofit employers
   23  that do not offer plans.
   24         (c) An examination of available investment options that
   25  would help to generate and protect workers’ savings over the
   26  long-term and shield savings from market volatility and costly
   27  investment fees.
   28         (3) The State Board of Administration and the Division of
   29  Retirement of the Department of Management Services shall
   30  provide technical assistance to the office, as requested.
   31         (4) The office shall submit a report on the study to the
   32  Governor, the President of the Senate, and the Speaker of the
   33  House of Representatives by June 30, 2018. Upon submission of
   34  the report, this section shall expire.
   35         Section 2. This act shall take effect July 1, 2017.
   37  ================= T I T L E  A M E N D M E N T ================
   38  And the title is amended as follows:
   39         Delete everything before the enacting clause
   40  and insert:
   41                        A bill to be entitled                      
   42         An act relating to retirement security; requiring the
   43         Office of Program Policy Analysis and Government
   44         Accountability to conduct a study regarding retirement
   45         security; prescribing minimum requirements for the
   46         study; requiring the State Board of Administration and
   47         the Division of Retirement of the Department of
   48         Management Services to provide technical assistance,
   49         upon request; requiring the office to submit a report
   50         to the Governor and the Legislature by a specified
   51         date; providing for expiration; providing an effective
   52         date.
   54         WHEREAS, most Americans are not saving enough for their
   55  retirement years, as evidenced by the fact that more than 30
   56  million full-time private sector employees across the nation
   57  lack access to workplace retirement plans and less than 10
   58  percent of all workers contribute to a retirement plan outside
   59  of employment, and
   60         WHEREAS, the lack of adequate retirement savings results in
   61  economic insecurity, meaning that, after retirement, many
   62  Americans will not have enough income to replace their
   63  preretirement income, and will grow more dependent on social
   64  assistance programs for support, and
   65         WHEREAS, as federal programs like Social Security and
   66  Medicare face an uncertain future and enrollment in traditional
   67  defined benefit plans, such as pension plans, decreases, there
   68  is a new urgency to ensure that the residents of this state have
   69  opportunities to increase their retirement savings, NOW,