Roth Contribution Plans in Deferred Compensation Programs

Plain English Breakdown

The official source material does not provide detailed implementation rules for Roth contribution programs.

Roth Contribution Plans in Deferred Compensation Programs

This bill allows certain deferred compensation plans to offer Roth contribution programs and confirms the actions of the Chief Financial Officer regarding these contributions.

What This Bill Does

• Allows state, county, municipal, or other political subdivision deferred compensation plans to offer qualified Roth contribution programs.
• Repeals a previous law that restricted employee contributions to the state's deferred compensation plan.
• Confirms and approves actions taken by the Chief Financial Officer regarding Roth contributions since July 1, 2024.

Who It Names or Affects

• Employees participating in deferred compensation plans offered by the state or local governments.

Terms To Know

Roth contribution program

A type of retirement savings plan where contributions are made with after-tax dollars, but withdrawals in retirement are tax-free.

Deferred compensation plan

An arrangement that allows employees to receive part of their pay at a later date, often used as a way to save for retirement.

Limits and Unknowns

• The bill does not specify the exact details or rules for how these Roth contribution programs will be implemented.
• It is unclear what specific changes this bill will bring to existing deferred compensation plans beyond allowing Roth contributions.

Official Summary Text

Roth Contribution Plans in Deferred Compensation Programs; Authorizing the state deferred compensation plan and any deferred compensation plan offered by a county, a municipality, or other political subdivision, or a county constitutional officer, to offer a qualified Roth contribution program; ratifying the actions of the Chief Financial Officer which permitted contributions to a qualified Roth contribution program under the state’s deferred compensation plan; providing for retroactive application, etc.

Current Bill Text

Florida Senate
-
2026

SB 7010

By
the Committee on Governmental Oversight and Accountability

585-01710-26 20267010__
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 of 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.