HI HB379

Amends the definition of "covered employer" in Section 389-2, Hawaii Revised Statutes, under the Hawaii Retirement Savings Act.

Changes the retirement plan exemption from employers that "have been maintaining for all employees" to those that have "offered or maintained for some or all employees at any time during the preceding two years" a qualified retirement plan.

Qualified retirement plans include those meeting requirements of Internal Revenue Code sections 401(a), 401(k), 403(a), 403(b), 408(k), or 408(p).

Maintains existing exemptions for the United States, the State of Hawaii, and its political subdivisions from the definition of "covered employer."

Takes effect upon approval.