HB 470 Summary

• Requires the legislative reference bureau to conduct a feasibility study on establishing a Hawaii retirement savings program for private sector employees without employer-sponsored retirement plans by 2021.

• Establishes an 11-member Hawaii retirement savings board within the department of budget and finance to administer the program, with representation from state officials, legislature, businesses, and community members.

• Creates the Hawaii retirement savings program allowing employees to contribute to retirement accounts through payroll deductions, with automatic enrollment, opt-out options, and default contribution rates set by the board.

• Prohibits employers offering qualified retirement plans from canceling those plans for an unspecified number of years after the effective date of July 1, 2019.

• Appropriates unspecified general revenue funds to the legislative reference bureau for fiscal years 2019-2020 and 2020-2021 to conduct the market analysis and feasibility study.