(1) Any such annuity contract or custodial account shall be in such form, and be based upon such terms, as will qualify the payments thereon for tax deferment under the United States Internal Revenue Code. Such insurance annuity, savings, or investment products shall be underwritten and offered, in compliance with the applicable federal and state laws and regulations, by persons who are duly authorized by applicable state and federal authorities. All records identifying individual participants in any contract or account under this section and their personal account activities shall be confidential and are exempt from the provisions of s. 119.07(1).
(2) The amount of such reduction shall not exceed the amount excludable from income under s. 403(b) of the United States Internal Revenue Code and amendments and successor provisions thereto and shall be considered a part of the employee’s salary for all purposes other than federal income taxation.
(3) The purchase of such tax-sheltered annuity or other investment qualified under the United States Internal Revenue Code and not prohibited under the laws of this state for an employee shall impose no liability or responsibility whatsoever on the employing agency except to show that the payments have been remitted for the purposes for which deducted.
History.—s. 1, ch. 74-157; s. 1, ch. 76-78; s. 2, ch. 77-295; s. 1, ch. 87-7; s. 27, ch. 90-360; s. 34, ch. 96-406.
Structure Florida Statutes
Title X - Public Officers, Employees, and Records
Chapter 112 - Public Officers and Employees: General Provisions
Part I - Conditions of Employment; Retirement; Travel Expenses (Ss. 112.011-112.219)
112.011 - Disqualification from licensing and public employment based on criminal conviction.
112.021 - Florida residence unnecessary.
112.042 - Discrimination in county and municipal employment; relief.
112.0441 - Prohibition on public employee COVID-19 vaccination mandates.
112.0455 - Drug-Free Workplace Act.
112.046 - Political party committee membership allowed.
112.05 - Retirement; cost-of-living adjustment; employment after retirement.
112.0501 - Ratification of certain dual retirements.
112.062 - Cabinet members; educational and informational travel expenses.
112.063 - Reimbursement of county employees for educational expenses.
112.0801 - Group insurance; participation by retired employees.
112.0805 - Employer notice of insurance eligibility to employees who retire.
112.081 - Circuit judges, participation.
112.09 - Evidence of election to provide insurance.
112.10 - Deduction and payment of premiums.
112.11 - Participation voluntary.
112.13 - Insurance additional to workers’ compensation.
112.14 - Purpose and intent of law.
112.151 - Group hospitalization insurance for county officers and employees.
112.171 - Employee wage deductions.
112.175 - Employee wages; withholding to repay educational loan.
112.18155 - Correctional officers; special provisions for posttraumatic stress disorders.
112.1816 - Firefighters; cancer diagnosis.
112.182 - “Firefighter rule” abolished.
112.19 - Law enforcement, correctional, and correctional probation officers; death benefits.
112.191 - Firefighters; death benefits.
112.1911 - Emergency medical technicians and paramedics; death benefits.
112.1912 - First responders; death benefits for educational expenses.
112.1913 - Effect of ch. 2003-412.
112.1915 - Teachers and school administrators; death benefits.
112.194 - Law enforcement and correctional officers’ Medal of Valor.
112.21 - Tax-sheltered annuities or custodial accounts for employees of governmental agencies.
112.215 - Government employees; deferred compensation program.
112.217 - Department of Highway Safety and Motor Vehicles; employees’ benefit fund.
112.218 - Department of Highway Safety and Motor Vehicles personnel files; fees for copies.
112.219 - Substitution of work experience for postsecondary educational requirements.