HI SB922

Automatically enrolls all new state and participating county employees hired on or after July 1, 2010 into the State of Hawaii Deferred Compensation Plan with a mandatory 1% payroll deduction from gross monthly wages.

Allows the plan's board of trustees to increase the mandatory payroll deduction by up to 1% annually, with a maximum total deduction not to exceed 3%.

Employees hired before July 1, 2010 may continue to participate in the plan on a voluntary basis through written agreement.

Automatically enrolled employees may opt out within 90 calendar days after their first contribution is deposited, receiving a full refund of contributions without penalty (subject to market prices and applicable taxes).

Requires the plan administrator to inform newly hired employees within 45 calendar days about the plan and their right to opt out.