HI HCR53

Requests the Department of Budget and Finance to convene a "work and save" working group to investigate the feasibility and impact of establishing a retirement savings trust fund for private-sector employees in Hawaii.

Approximately 50 percent of Hawaii's private-sector employees lack access to employer-sponsored retirement plans, with minorities representing about 84 percent of the approximately 216,000 affected employees.

Working group membership to include the Comptroller, Securities Commissioner, Chamber of Commerce Hawaii representative, two retirement savings experts, one small business representative, one public member, and one employee representative.

Working group must prepare guidance and recommendations on an investment policy that preserves principal safety with stable, low-risk returns and a risk management plan to monitor portfolio risks.

Working group required to submit findings, recommendations, and proposed legislation to the Legislature no later than twenty days before the start of the 2017 Regular Session.