Chapter 303 — Chapter 303
6 sections in this chapter.
HRS §303-1 Purpose
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§303-1 Purpose. The purpose of this chapter is to provide the means by which employees of the department of education and the University of Hawaii may qualify for the favorable benefits of section 403(b) of the Internal Revenue Code of 1986, as amended. [L 1967, c 40, pt of §1; H…
HRS §303-2 Contract for purchase of annuity or investment in custodial account
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§303-2 Contract for purchase of annuity or investment in custodial account. (a) The department of education and the University of Hawaii, on behalf of any employee of the respective institutions, may enter into a written agreement with any employee to purchase for the employee: (…
HRS §303-3 Withholding
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§303-3 Withholding. (a) The department of education and the University of Hawaii may also enter into an agreement under which the employer shall withhold from the salary of the employee the amount of the premiums payable on account of the annuity contract, and shall make such pre…
HRS §303-3.5 Limitation on liability
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§303-3.5 Limitation on liability. The University of Hawaii, department of education, and the State of Hawaii shall not be held liable for the sums deferred or the results of any investment product. [L 1999, c 123, §1; am L 2001, c 186, §3]
HRS §303-4 Adoption of rules
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§303-4 Adoption of rules. Each employer may adopt rules to implement this chapter including but not limited to:
HRS §303-5 Retirement system contribution not affected
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§303-5 Retirement system contribution not affected. A reduction in salary authorized by an employee under terms of this chapter shall in no way alter the amount of regular compensation or gross salary upon which the employee's contribution to the employees' retirement system is b…