HB 985: Deferred Compensation Plans for Public Employees

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Deferred Compensation Plans for Public Employees; Authorizes that certain employees' payable compensation be deducted & contributed to deferred compensation plan through automatic enrollment arrangement unless employee makes certain election; requires that automatic enrollment arrangement be established with default contribution rate; authorizes periodic reenrollment of specified government employees; authorizes periodic resetting of contribution rates for specified government employees; requires that automatic enrollment arrangement provide employees ability to make certain elections regarding contributions; requires that plan provide for default investment into which contributions must be placed under specified circumstance; authorizes counties, municipalities, political subdivisions, & constitutional county officers to adopt automatic enrollment arrangements for specified deferred compensation programs; provides that deferred compensation plan may only include automatic enrollment arrangement upon approval of Legislature; authorizes that certain automatic deferrals be made by payroll deduction; requires that certain deduction of wages or salary of employees be treated in specified manner.

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. June 16, 2025Died in Government Operations Subcommittee
2. May 3, 2025Indefinitely postponed and withdrawn from consideration
3. March 4, 20251st Reading (Original Filed Version)
4. March 2, 2025Now in Government Operations Subcommittee
5. March 2, 2025Referred to State Affairs Committee
6. March 2, 2025Referred to Government Operations Subcommittee
7. February 24, 2025Filed