Title 21, Labor And Industrial Relations

[§389-1] Short title. This chapter shall be known and may be cited as the Hawaii Retirement Savings Act. [L 2022, c 296, pt of §2]

[§389-10] Protection from liability; State. (a) The State, department of labor and industrial relations, Hawaii retirement savings board, Hawaii retirement savings program, and other departments, agencies, boards, commissions, and programs of the State and any officers or employe…

[§389-11] Confidentiality of participant and account information. Individual account information relating to accounts under the program and relating to individual participants, including but not limited to names, addresses, telephone numbers, email addresses, personal identificat…

[§389-12] Collaboration and cooperation; intergovernmental; interstate. (a) The board may enter into an intergovernmental agreement or memorandum of understanding with the State or any agency of the State to receive outreach, technical assistance, enforcement and compliance servi…

[§389-13] Civil actions. Any covered employee denied enrollment into the program in violation of section 389-5(e)(1) may file a civil action against the covered employer to require the covered employer to enroll the covered employee into the program and recover costs, including r…

§389-14 Penalties. (a) Any covered employer who fails to enroll a covered employee into the program in accordance with section 389-5(e)(1) without equitable justification shall be liable: (b) Any covered employer who fails to timely transmit a covered employee's payroll deduction…

[§389-15] Rulemaking. (a) The department, in consultation with the department of budget and finance, may adopt rules pursuant to chapter 91 to govern the actions of the board. (b) The board, in consultation with the department and department of budget and finance, may adopt rules…

[§389-16] Audits and annual reports. (a) The board shall cause an accurate account of all activities, operations, receipts, and expenditures to be maintained in relation to the program and the board. Each year, after the first full fiscal year following program implementation, a …

§389-2 Definitions. As used in this chapter, unless the context otherwise requires: "Board" means the Hawaii retirement savings board established under section 389-3. "Covered employee" means an individual who: "Covered employee" does not include an individual covered under the f…

[§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 pr…

§389-4 Hawaii retirement savings board; powers; duties. (a) The board shall have powers and duties in accordance with law to: (C) Make investments for the benefit of the program; provided that no assets of the program shall be transferred to the general fund of the State or to an…

§389-5 Hawaii retirement savings program; due diligence; establishment; payroll deduction. (a) There is established within the department, for administrative purposes only, a Hawaii retirement savings program. The program shall be administered by the board, in consultation with t…

[§389-6] Hawaii retirement savings program; contribution amount; rates. The default contribution amount deducted from the payroll of a covered employee who has elected to contribute to the program shall be equal to five per cent of the covered employee's salary or wages; provided…

§389-7 Hawaii retirement savings program; program manager. (a) The program shall be managed by a program manager that shall be a financial institution with professional knowledge and experience in managing payroll deduction IRAs, contracted by the board in compliance with chapter…

[§389-8] Hawaii retirement savings special fund. (a) There is established within the state treasury a Hawaii retirement savings special fund, into which shall be deposited: (b) All moneys in the special fund are appropriated for the purposes of and shall be expended by the depart…

[§389-9] Protection from liability; employers. (a) No covered employer or other employer shall be liable for or bear responsibility for: (b) No covered employer or other employer shall be, or shall be considered to be, a fiduciary in relation to the program or any other arrangeme…