HI SB1374

Establishes the Hawaii Retirement Savings Program administered by the Department of Budget and Finance to provide private sector employees without employer-sponsored retirement plans access to retirement savings accounts through payroll deduction.

Requires employers without a qualified retirement plan offered in the preceding five years to allow employees to participate in the program through automatic enrollment with opt-out provisions and employer-facilitated payroll deductions.

Program features include default contribution rates, automatic escalation of contributions, professional management of pooled accounts, annual reporting to account owners, and portability of accounts across employers.

Prohibits employer contributions to employee accounts, guarantees no rate of return, and limits state liability for investment losses while keeping administrative fees low for long-term revenue neutrality.

Creates the Hawaii Retirement Savings Program Administrative Fund supported by fees, legislative appropriations, and transfers from other sources, with the director serving as trustee and treasurer; requires annual reporting to governor and legislature.