The proposed bill establishes the "Florida Retirement Savings Task Force," which will operate under the Department of Commerce. The task force is tasked with examining and developing recommendations to enhance access to retirement savings options for private sector employees who do not have employer-sponsored retirement plans. It will consist of 15 members appointed by various state officials, including the Governor and legislative leaders, and will convene its first meeting within 60 days of the bill's effective date. Members will serve without compensation but will be reimbursed for travel and per diem expenses.

The task force is required to assess current gaps in private sector retirement coverage, review existing retirement plan models, propose policy recommendations, and identify barriers to implementation. It will also have the authority to receive confidential information from state agencies. The task force must submit an interim report by December 1, 2026, and a final report by June 1, 2027, detailing its findings and recommendations. The task force is set to expire on July 1, 2028, unless the Legislature decides to reenact it.