HI SCR97

Requests convening a retirement savings program task force to assess feasibility of establishing a Hawaii Retirement Savings Program for private sector employees without access to employer-sponsored retirement plans.

Task force directed to review implications of the federal SECURE Act of 2019 and analyze retirement savings models used by California, Illinois, Oregon, and other states.

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

Task force comprises 12 members including one Senate member and one House member (both non-voting co-chairs pro tempore), Directors of Finance and Labor and Industrial Relations, and representatives from small business, non-profits, employees, legal/financial professionals, and organizations serving low-income families and older adults.

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 shall dissolve on September 30, 2022.