Florida Senate - 2026                   (PROPOSED BILL) SPB 7010
       
       
        
       FOR CONSIDERATION By the Committee on Governmental Oversight and
       Accountability
       
       
       
       
       585-01228A-26                                         20267010pb
    1                        A bill to be entitled                      
    2         An act relating to Roth contribution plans in deferred
    3         compensation programs; amending s. 112.215, F.S.;
    4         authorizing the state deferred compensation plan and
    5         any deferred compensation plan offered by a county, a
    6         municipality, or other political subdivision, or a
    7         county constitutional officer, to offer a qualified
    8         Roth contribution program; repealing s. 71 of chapter
    9         2025-199, Laws of Florida, relating to employee
   10         contributions to the state deferred compensation plan;
   11         ratifying the actions by the Chief Financial Officer
   12         which permitted contributions to a qualified Roth
   13         contribution program under the state’s deferred
   14         compensation plan; providing for retroactive
   15         application; providing an effective date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Subsection (15) is added to section 112.215,
   20  Florida Statutes, to read:
   21         112.215 Government employees; deferred compensation
   22  program.—
   23         (15) Notwithstanding the requirements in paragraphs (6)(a)
   24  and (b) that deferred compensation not be included in the
   25  employee’s taxable income until actually received by the
   26  employee under the terms of the plan, a deferred compensation
   27  plan established pursuant to this section may offer to all
   28  eligible employees a qualified Roth contribution program in
   29  accordance with s. 402A of the Internal Revenue Code.
   30         Section 2. Section 71 of chapter 2025-199, Laws of Florida,
   31  is repealed.
   32         Section 3. The Legislature hereby ratifies the actions of
   33  the Chief Financial Officer which permitted, for purposes of the
   34  state deferred compensation plan established pursuant to s.
   35  112.215, Florida Statutes, contributions to a qualified Roth
   36  contribution program in accordance with section 402A of the
   37  Internal Revenue Code beginning July 1, 2024.
   38         Section 4. This act shall operate retroactively to January
   39  1, 2026.
   40         Section 5. This act shall take effect upon becoming a law.