THE BILL ITSELF
HB 1357
Task Force to Study Private Sector Retirement
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A bill to be entitled
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An act relating to a task force to study private
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sector retirement; providing a short title; creating
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s. 445.15, F.S.; creating the Florida Retirement
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Savings Task Force adjunct to the Department of
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Commerce; requiring the department to provide
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administrative, technical, and staff support to the
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task force; providing a purpose for the task force;
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providing for the membership of the task force;
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requiring the task force to convene its first meeting
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within a specified timeframe; requiring the task force
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to meet quarterly or upon the call of the chair;
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requiring the task force to elect a chair and vice
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chair; providing that members serve without
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compensation but are entitled to per diem and travel
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reimbursement; providing the duties of the task force;
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authorizing the task force to receive confidential and
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exempt information under specified conditions;
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requiring the task force to provide the Governor and
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Legislature a certain preliminary report and a final
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report by specified dates; providing for the
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expiration of the task force; providing an effective
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date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. This act may be cited as the "Florida
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Retirement Savings Task Force Act."
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Section 2. Section 445.15, Florida Statutes, is created to read:
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445.15 Florida Retirement Savings Task Force.—
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(1) There is created adjunct to the department the Florida
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Retirement Savings Task Force, a task force as defined in s.
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20.03(5). The department shall provide administrative,
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technical, and staff support to the task force. The purpose of
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the task force is to examine and develop recommendations to
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expand access to retirement savings vehicles for private sector
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employees who lack employer-sponsored retirement plans.
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(2) The task force shall be composed of 15 members, as
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follows:
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(a) An actuarial or investment specialist well-versed in
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long-term asset performance, appointed by the Governor.
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(b) A community advocate who represents a low-income or
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underserved community, appointed by the Governor.
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(c) An attorney or policy analyst well-versed in labor
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law, pension regulation, or state legislative frameworks,
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appointed by the Governor.
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(d) A representative from the American Association of
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Retired Persons who may provide insight into senior financial
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security and retirement readiness, appointed by the Governor.
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(e) A Florida resident who has demonstrated experience in
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retirement planning or workforce financial education, appointed
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by the Governor.
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(f) A current employee of the Department of Management
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Services of the Division of Retirement, appointed by the
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President of the Senate.
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(g) A representative from the public sector, appointed by
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the President of the Senate.
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(h) A small business owner, appointed by the President of
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the Senate.
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(i) A certified financial planner, appointed by the
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President of the Senate.
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(j) A professor from a state university whose area of
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academic research is labor economics, demography, or retirement
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system design, appointed by the President of the Senate.
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(k) A current employee of the department, appointed by the
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Speaker of the House of Representatives.
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(l) A representative from the private sector or a
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nontraditional employment area, appointed by the Speaker of the
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House of Representatives.
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(m) A representative from a large employer or an employer
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association, appointed by the Speaker of the House of
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Representatives.
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(n) A retirement policy analyst who is familiar with the
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Florida Retirement System, appointed by the Speaker of the House
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of Representatives.
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(o) A professor from a state university whose area of
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academic research is labor economics, demography, or retirement
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system design, appointed by the Speaker of the House of
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Representatives.
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(3)(a) The task force shall convene no later than 60 days
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after the effective date of this act and shall meet quarterly
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thereafter or upon the call of the chair.
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(b) At its first meeting, the task force shall elect a
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chair and a vice chair from among its members.
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(c) The task force may meet using communications media
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technology as defined in s. 120.54(5)(b)2.
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(d) Members serve without compensation but are entitled to
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reimbursement for per diem and travel expenses as provided in s.
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112.061.
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(4) At a minimum, the task force shall do all of the
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following:
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(a) Assess current coverage gaps in this state in private
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sector retirement.
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(b) Review existing state and national models for
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retirement plans.
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(c) Propose policy, design, and implementation
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recommendations.
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(d) Identify regulatory, administrative, and financial
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barriers to implementation.
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(e) Evaluate fiscal impacts and possible funding
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mechanisms.
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(5) The task force may receive confidential or exempt
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information from state agencies, and the task force must
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maintain the confidential and exempt nature of such information
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to the extent allowed by law.
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(6)(a) No later than December 1, 2026, the task force
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shall submit an interim report to the Governor, the President of
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the Senate, and the Speaker of the House of Representatives
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which outlines the task force's initial findings.
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(b) No later than June 1, 2027, the task force shall
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submit to the Governor, the President of the Senate, and the
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Speaker of the House of Representatives the final report that
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includes actionable recommendations and proposed statutory
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language for expanding access to retirement savings vehicles for
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private-sector employees who lack employer-sponsored retirement
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plans.
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(7) This section expires July 1, 2028, unless reenacted by
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the Legislature.
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Section 3. This act shall take effect upon becoming a law.