Florida S7010 would allow state and local deferred compensation plans to offer Roth contribution programs.

Florida S7010 amends the state's deferred compensation program to allow both state and local plans to offer Roth contribution programs. This change permits eligible employees to make after-tax contributions to their retirement savings, which can then be withdrawn tax-free in retirement. The bill repeals a previous restriction on such contributions and ratifies actions taken by the Chief Financial Officer to permit Roth contributions starting July 1, 2024. The changes would apply retroactively to January 1, 2026.

Florida S7010 would allow state and local deferred compensation plans to offer Roth contribution programs.

Florida S7010 amends the state's deferred compensation program to allow both state and local plans to offer Roth contribution programs. This change permits eligible employees to make after-tax contributions to their retirement savings, which can then be withdrawn tax-free in retirement. The bill repeals a previous restriction on such contributions and ratifies actions taken by the Chief Financial Officer to permit Roth contributions starting July 1, 2024. The changes would apply retroactively to January 1, 2026.