HI SB590

Expands University of Hawaii optional retirement system eligibility to include athletic coaches and assistant coaches employed by the University on or after July 1, 2021, who are included in bargaining unit (8).

Allows the Board of Regents to utilize existing retirement plan options including the State of Hawaii deferred compensation plan (IRC §457), University supplemental retirement savings program (IRC §403(b)), and other annuity or investment products.

Prohibits current and former members of the state employees' retirement system from joining the optional retirement system.

Allows the Board of Regents to establish eligibility rules for the optional retirement system through administrative procedures.

Makes retirement benefits of the UH optional retirement system subject to collective bargaining negotiations for bargaining units (7) and (8), effective July 31, 2050.