HI HCR96

Director of Business, Economic Development, and Tourism requested to establish and chair a retirement security task force to study factors affecting Hawaii residents' ability to save for retirement.

Task force to assess feasibility of creating a retirement savings plan for private sector employees with pooled contributions, professional investment management, and portability across employers.

Proposed plan should offer guaranteed lifetime monthly retirement benefits upon retirement or disability, with both defined contribution and defined benefit structure options.

Task force membership to be selected at Director's discretion and include representatives from labor, management, small businesses (under 50 employees), large corporations (over 100 employees), and non-profit organizations.

Director required to submit task force findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2017 Regular Session convenes.