H.B. 2251 Summary

• Establishes a retirement savings task force to assess the feasibility of creating a Hawaii retirement savings program for private sector workers without employer-sponsored plans.

• Task force shall hire a consultant to evaluate existing state retirement savings programs, consider joining a multi-state retirement savings program, and research implications of the federal SECURE Act (enacted December 20, 2019).

• Task force comprises 11 members including state directors (finance, labor, taxation), employee and business representatives, attorneys, investment advisers, and retirees selected by legislative leadership.

• Task force must submit findings, recommendations, and proposed legislation to the legislature no later than 40 days before the 2021 regular legislative session; task force sunsets June 30, 2021.

• Appropriates funds from general revenues for fiscal year 2020-2021 to retain consultant and cover associated expenses, including one full-time equivalent position to manage the program; effective date January 1, 2050.