Clarified the definition of covered employer in Hawaii retirement savings act, which means person who is in business in State, has one or more individuals in employment.
Amended HWI retirement savings program, State payroll-deduction retirement savings plan for private sector employees in HWI with no access to employer-sponsored plans.
Program will now require automatic enrollment unless the employee opts out.
Repealed limit on total fees and expenses that can be spent for the program each year.
Legislative History
On Jan. 17, 2025, bill passed the Senate; on Feb. 19, 2025, bill passed the Senate.
On Feb. 19, 2025, bill passed the House; on Apr. 4, 2025, bill passed the House.
On Apr. 30, 2025, Senate concurred amendments; on May 2, 2025, enrolled to gov.
Effectiveness
If enacted, act will become effective Jul. 1, 2025.
May 2025, HWI LEG Governor Approval
On May 29, 2025, HWI LEG reported governor signed SB 855 (HB 847) as Act 113.
