Loading chat...

HI SB1233

Bill

Official Source

Status

Introduced

1/24/2019

Primary Sponsor

Ronald Kouchi

Click for details

Origin

Senate

2019 Regular Session

AI Summary

  • Allows participants in Hawaii's state deferred compensation plan to make after-tax (Roth) contributions in addition to traditional pre-tax contributions
  • Enables tax diversification for participating employees by giving them the option to choose how portions of their deferred compensation are taxed
  • Amends Hawaii Revised Statutes Section 88E-12 to permit both traditional and Roth contributions under Internal Revenue Code section 457(b)
  • Deferred compensation continues to be treated as regular compensation for retirement, pension, and social security benefit computations
  • Takes effect upon approval

Legislative Description

Relating To Adding The Roth Option For The Deferred Compensation Plan.

State of Hawaii Deferred Compensation Plan

Last Action

Report adopted; Passed Second Reading, as amended (SD 1) and referred to JDC/WAM.

2/15/2019

Committee Referrals

Judiciary2/15/2019
Labor, Culture and the Arts1/28/2019

Full Bill Text

No bill text available