Vote Smart's Synopsis:

Vote to pass a bill that establishes the Hawaii Retirement Savings Program.

Highlights:

• Establishes the Hawaii retirement savings board to implement and administer a state-facilitates payroll deduction retirement savings program (Page 4).

• Specifies the duties and powers of the hawaii retirement savings board as follows (Page 6):

• Establish, implement, and maintain the program;

• Cause the program and arrangements and accounts established under the program designed;

• Arrange for collective, common, and pooled investment of assets of the program;

• Develop and disseminate information designed to educate participants and the public about the benefits of planning and saving for retirement;

• Determine the eligibility of an employer, employee, or other individual to participate in the program;

• Ensure the programs compliance with all applicable laws and regulations;

• Establish procedures for the timely and fair resolution of participant and other disputes related to accounts or program operation;

• Develop and implement an investment policy that defines the programs investment objectives that is consistent with the objectives of the program, and other policies and procedures consistent with those investment objectives; 

Full Bill Text