HI HR20

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

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

Working group directed to develop guidance on investment policy that prioritizes principal safety with stable, low-risk returns and create a risk management and oversight plan for portfolio monitoring.

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

Working group must report findings, recommendations, and proposed legislation to the Legislature no later than 20 days before the 2017 Regular Session convenes.