HI SR53

Department of Budget and Finance is requested 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.

Working group membership to include the Comptroller, Securities Commissioner, Chamber of Commerce Hawaii representative, two individuals with retirement savings/investment experience, 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 and provides stable, low-risk returns, and a risk management and oversight plan to monitor portfolio risks.

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

Resolution addresses the retirement security crisis, noting approximately 50% of Hawaii's private-sector employees lack access to employer-sponsored retirement plans and minorities represent 84% of the 216,000 private-sector workers without workplace retirement plans.