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HI SCR211
Concurrent Resolution
Status
3/31/2021
Primary Sponsor
Stanley Chang
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AI Summary
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Urges the Department of Human Resources Development and Department of Education to establish and offer a qualified Roth contribution program to retirement plan participants by January 1, 2024.
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Allows state employees to make designated Roth contributions that are included in gross income when made but provide tax-free qualified distributions and capital gains upon withdrawal, unlike traditional pre-tax retirement contributions.
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Notes that the Employees' Retirement System cannot offer Roth contributions under Internal Revenue Code section 401(a) requirements, but the Department of Human Resources Development and Department of Education can offer this option through their existing deferred compensation programs.
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Identifies 13 states and 4 municipalities that already offer qualified Roth contribution programs to their employees.
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Recognizes Hawaii's highest-in-nation life expectancy (81.3 years as of 2018) and the state's interest in ensuring adequate retirement savings for its population.
Legislative Description
Urging The Department Of Human Resources Development And Department Of Education To Establish And Offer A Qualified Roth Contribution Program To Their Retirement Plan Participants.
Department of Education
Last Action
Report adopted. referred to the committee(s) on FIN as amended in HD 1 with none voting aye with reservations; none voting no (0) and Representative(s) McDermott excused (1).
4/8/2021