HI SR76

Creates 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 the federal SECURE Act of 2019 implications and analyze retirement savings models used by California, Illinois, Oregon, and other states.

Task force composition includes 12 members: one Senate member and one House member (non-voting co-chairs pro tempore), Directors of Finance and Labor and Industrial Relations, and representatives from small business, non-profits, employees, legal professionals, financial advisors, plan administrators, low-income advocacy organizations, and retirees.

Task force required to draft implementation plan, administrative framework with timeline and start-up costs, and marketing/outreach framework if a statewide program is deemed feasible.

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