HI HR140

Requests convening of a retirement savings task force to assess feasibility of establishing a Hawaii retirement savings program for private sector employees without 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, an administrative framework with timeline and start-up costs, and a marketing/outreach framework for businesses and employees.

Task force composition includes the Directors of Finance and Labor and Industrial Relations, one State Senate member, one State House member, and nine additional members representing small business, employees, attorneys, plan administrators, nonprofits, older adults, and organizations serving low-income families.

Task force must submit findings, recommendations, implementation plan, and proposed legislation to the Legislature no later than 40 days before the 2022 Regular Session and dissolve by September 30, 2022.