HI HB847

Clarifies "covered employer" definition to exclude any employer that has offered or maintained a tax-qualified retirement plan for some or all employees at any time in the preceding two years

Changes the Hawaii Retirement Savings Program from opt-in to automatic enrollment, requiring covered employers to enroll employees unless they affirmatively opt out

Requires employers to withhold and remit payroll deduction contributions by the 15th of the month following the month contributions are withheld

Removes the 75 basis point annual cap on total program fees and expenses, instead requiring fees be kept "as low as practicable"

Appropriates unspecified general fund amounts for fiscal years 2025-2026 and 2026-2027 to the Department of Labor and Industrial Relations for program development and operations, with effective date of July 1, 3000