Florida will begin searching for service providers 11 months after Gov. Jeb Bush signs a bill creating a defined contribution plan for state employees, said Richard Herring, senior staff director for Rep. Jim Pruitt, R-Port St. Lucie.
The plan, to be in place by 2002, is expected to include between seven and 10 investment options. The committee administering the plan would select the types of investments and decide whether the plan will be bundled, Mr. Herring said.
The bill also allows the advisory committees to include investment advice for plan participants, Mr. Herring said. The third-party administrator may not cross the line from education to advice. Investment advice would be paid for by plan participants, according to the bill.
Mr. Bush has 15 days to sign the bill after it lands on his desk.