Automatic enrollment in deferred compensation plans for Florida public employees.

The bill, titled the "Deferred Compensation Automatic Enrollment Act," amends Florida Statutes to allow automatic enrollment in deferred compensation plans for public employees. It authorizes counties, municipalities, and political subdivisions to establish automatic enrollment arrangements with default contribution rates. Employees can opt out or choose different contribution rates. The state's deferred compensation plan can adopt an automatic enrollment arrangement only with legislative approval. The bill also allows for periodic reenrollment and resetting of contribution rates.

Automatic enrollment in deferred compensation plans for Florida public employees.

The bill, titled the "Deferred Compensation Automatic Enrollment Act," amends Florida Statutes to allow automatic enrollment in deferred compensation plans for public employees. It authorizes counties, municipalities, and political subdivisions to establish automatic enrollment arrangements with default contribution rates. Employees can opt out or choose different contribution rates. The state's deferred compensation plan can adopt an automatic enrollment arrangement only with legislative approval. The bill also allows for periodic reenrollment and resetting of contribution rates.