HI HR97

Establishes a working group to study the feasibility of requiring employers to offer deferred compensation plans to employees working at least 20 hours per week.

Working group must examine employer costs, employee benefits, employee participation likelihood, impacts on government assistance programs, enforcement issues, and other relevant factors.

Working group consists of 10 members including the Speaker of the House, President of the Senate, Director of Commerce and Consumer Affairs (as Chair), representatives from financial institutions, AARP, Chamber of Commerce Hawaii, Employees' Retirement System, Executive Office on Aging, a retiree, and a private employer currently offering deferred compensation plans.

Working group must submit a report with findings, recommendations, and any proposed legislation to the Legislature no later than 20 days before the 2018 Regular Session convenes.

Resolution addresses concerns about inadequate retirement savings, with studies showing 56 percent of individuals have less than $10,000 in retirement savings and 43 percent of unmarried persons rely on Social Security for 90 percent of retirement income.