HI HB1189

Requires the Legislative Reference Bureau to conduct a study on establishing an auto-individual retirement account program (Hawaii Retirement Savings Program) for private sector employees without access to employer-sponsored retirement plans

Study shall examine legal compliance with the Employee Retirement Income Security Act of 1974 and Internal Revenue Code of 1986, employer participation requirements, contribution methods, and administrative costs to employers

Authorizes the Legislative Reference Bureau to issue a request for proposals to hire a third party to conduct the analysis, with contracting services exempt from Hawaii Revised Statutes chapter 103D

Requires the Legislative Reference Bureau to submit findings, recommendations, and proposed legislation to the legislature no later than twenty days prior to the 2020 regular session

Appropriates funds from general revenues for fiscal year 2019-2020 to support the study, with the Act taking effect on January 1, 2050