HI HCR164

Requests convening of a retirement savings task force to assess feasibility of establishing a Hawaii state retirement savings program for private sector employees lacking employer-sponsored plans.

Task force directed to review implications of the federal SECURE Act (enacted December 20, 2019) and analyze retirement savings models from California, Illinois, Oregon, and other states.

If deemed feasible, task force must draft an implementation plan recommending the best model for Hawaii, including administrative framework, timeline, start-up costs, and marketing strategy.

Task force comprised of 11 members including Director of Finance, Director of Labor and Industrial Relations, representatives from small business, employees, non-profits, older adults, attorneys, plan administrators, and one legislator each from Senate and House.

Task force required to submit final report with findings, recommendations, implementation plan, and proposed legislation to Legislature no later than 40 days before Regular Session of 2022; task force dissolves September 30, 2022.