HI SB2490

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

Task force shall evaluate existing state retirement savings programs in other states, determine feasibility of joining a multi-state retirement savings program, and research implications of the federal SECURE Act enacted December 20, 2019.

Task force membership includes the directors of finance and labor and industrial relations, plus nine additional members representing employees, small businesses, plan administrators, attorneys, investment professionals, retirees, and businesses with existing retirement plans.

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 on June 30, 2021.

Appropriates funds from general revenues for fiscal year 2020-2021 to retain a consultant and cover associated expenses; effective date is January 1, 2050.