HI HB393

Adds a new section to Chapter 87A, Hawaii Revised Statutes establishing fiduciary duties for members of the Hawaii Employer-Union Health Benefits Trust Fund board of trustees, requiring compliance with federal ERISA standards (29 U.S.C. sections 1001-1191c).

Requires fiduciaries to discharge duties solely in the interest of employee-beneficiaries, with care and prudence, for the exclusive purpose of providing benefits and defraying reasonable administrative expenses.

Prohibits fiduciaries from engaging in transactions that constitute direct or indirect sales, exchanges, leases, loans, or transfer of assets between the plan and parties with conflicting interests.

Establishes liability for fiduciaries who knowingly participate in or conceal breaches by co-fiduciaries, enable breaches through their own non-compliance, or have knowledge of breaches they fail to remedy.

Effective January 1, 2050.