Broward County Commission Regular Meeting
Director's Name: Steve Geller
Department: County Commission
Information
Requested Action
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MOTION TO DISCUSS Broward County’s facilitation of a voluntary retirement program for private sector employees. (Commissioner Geller)
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Why Action is Necessary
Necessary to permit the referenced Board discussion.
What Action Accomplishes
Permits the referenced Board discussion.
Goal Related Icon(s)
☐County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
Summary Explanation/Background
Expanding access to retirement savings is a critical issue for long-term economic resilience, workforce stability, and senior citizen well-being in Broward County.
According to the 2022 Survey of Consumer Finances, sponsored by the Federal Reserve Board, nearly half of all Americans reported having no retirement savings. A March 2025 report from the Georgetown University Center for Retirement Initiatives found that 47% of full-time and part-time private sector workers over the age of 18 lack access to an employer-sponsored retirement savings plan. Small businesses are disproportionately impacted, with 63% of workers employed by businesses with fewer than 50 employees lacking access to such plans. In Florida, the numbers are even more concerning: 59% of private sector workers overall and 73% of small business employees lack access to employer-sponsored retirement savings options.
This lack of access to workplace retirement plans contributes to inadequate retirement savings and increases future reliance on public assistance programs. To date, 20 states have adopted state-facilitated retirement savings programs, aimed at expanding access and promoting retirement security among private sector workers. Such programs can strengthen retirement security, encourage personal savings habits, boost local economies, and lessen future reliance on public services.
Broward County should explore the development of a voluntary retirement savings program to expand access for employees of small business employers. Some of the components of Broward County’s program would include:
1. Voluntary participation: Both employers and employees may choose to participate; there is no mandate.
2. Roth IRA Structure: The program would utilize Roth Individual Retirement Accounts (IRAs), allowing after-tax contributions and tax-free growth.
3. No Auto-Enrollment: Enrollment would be employee-initiated, preserving full control and choice.
4. Employer Support: Employers may choose to facilitate employee participation by offering payroll deduction and general program information, without fiduciary liability.
5. Broward County’s Role: Broward County would act as a facilitator partnering with financial institutions or third-party administrators to manage plan implementation and administration.
County Administration should assess the administrative and fiscal implications for Broward County, identify possible partnerships with nonprofit, state, or financial entities, and consult small business stakeholders, chambers of commerce, and other community partners to determine needs and interests.
Source of Additional Information
Jacqueline Garcia-Arteaga, Chief of Staff, Commission District 5, 954-357-7005
Fiscal Impact
Fiscal Impact/Cost Summary
To be determined based upon Board discussion and direction.