HI SCR16

Convenes a legislative working group to investigate strategies for promoting retirement savings among Hawaii's private sector employees, with approximately 50% lacking access to employer-sponsored retirement plans.

Working group composition includes two legislative co-chairs (one Senator, one Representative), state agency representatives (Finance, Comptroller, Commerce and Consumer Affairs, Employees' Retirement System), and 11 members from business, financial services, senior advocacy, and community organizations.

Directs the working group to analyze feasibility of establishing a statewide retirement savings program, evaluate financial impact to state social safety net programs, and examine retirement savings programs in California, Oregon, Maryland, Washington, Utah, and New Jersey.

Requires proposed statewide retirement savings option to be broadly available, use automatic enrollment and escalation, maintain low costs for employees and employers, and offer lifetime income options.

Mandates draft report submission to Legislative Reference Bureau by October 1, 2017, and final report with findings and recommendations to the Legislature by twenty days before the 2018 Regular Session convening.