SB2333 Summary

• Requires the Legislative Reference Bureau to conduct a feasibility study on implementing a Hawaii Retirement Savings Program for private sector employees, with preliminary report due 20 days before the 2019 legislative session and final report due 20 days before the 2020 session.

• Establishes an 11-member Hawaii Retirement Savings Board (if feasibility study is positive) to administer the program, consisting of state officials, legislators, and representatives from employees' retirement system, Chamber of Commerce Hawaii, small business, and the community.

• Creates the Hawaii Retirement Savings Program allowing employees to contribute to retirement accounts through payroll deduction, with automatic enrollment and opt-out options, requiring employers without qualified retirement plans to offer participation.

• Program prohibits employer contributions to employee accounts, maintains low administrative fees, allows accounts to be portable between employers, and pools contributions for professional investment management.

• Appropriates funds for fiscal year 2018-2019 to support the feasibility study, board operations, and the administrative fund; program contributions may begin no later than July 1, 2021, if feasibility study is positive.