HB 847 Summary

• Clarifies "covered employer" definition to include any person in business in Hawaii with one or more employees, excluding the U.S., State, its subdivisions, and employers that offered or maintained a qualified retirement plan within the preceding two years.

• Requires covered employers to automatically enroll covered employees into the Hawaii Retirement Savings Program with an opt-out option, rather than requiring employees to opt in.

• Repeals the 75 basis points annual fee limit on program expenses, requiring only that fees and expenses be kept "as low as practicable."

• Establishes automatic enrollment of covered employees into Roth IRAs (with optional traditional IRA election) through payroll deduction.

• Appropriates funds to the Department of Labor and Industrial Relations for program development and operations including legal, outreach, communication, marketing, and insurance services.