[§389-3] Hawaii retirement savings board; establishment; purpose. (a) There is established within the department for administrative purposes only, a Hawaii retirement savings board to implement and administer a state-facilitated payroll-deduction retirement savings program for private-sector employees who do not have access to employer-sponsored retirement plans.
(b) The board shall consist of nine members as follows:
(c) The terms of board members shall be four years; provided that the initial appointments shall be for staggered terms, as determined by the governor; provided further that ex-officio board members shall serve at the pleasure of the appointing authority.
(d) A simple majority of voting members of the board shall constitute quorum to do business. Any action taken by the board shall be approved by a simple majority of the voting members present. Any vacancy on the board shall not impair the authority of the remaining members to exercise all the powers of the board. All decisions of the board shall be reduced into writing and shall state separately the board's findings of fact and conclusions.
(e) The members of the board shall serve without compensation but shall be reimbursed for their actual and necessary expenses, including travel expenses, incurred in carrying out their duties.
(f) The board, or its co-chairs with the approval of the board, may employ an executive director exempt from chapters 76 and 89, and other staff necessary to perform its duties. [L 2022, c 296, pt of §2]