[§389-3] Hawaii retirement savings board; establishment; purpose.

424 words·~2 min read·/hi/chapter-389/389-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)There is established within the department for administrative purposes only, a Hawaii retirement savings board to implement and administer a state-facilitated payroll-deduction retirement savings program for private-sector employees who do not have access to employer-sponsored retirement plans.

(b)The board shall consist of nine members as follows:

(1)Two ex officio, voting members who shall serve as the co-chairs of the board, consisting of:

(A)The director or the director's designee; and

(B)The director of finance or the director's designee;

(2)Two ex officio, nonvoting members, consisting of:

(A)A member of the house of representatives appointed by the speaker of the house of representatives; and

(B)A member of the senate appointed by the president of the senate; and

(3)Five voting members who shall hold no other public office, to be appointed by the governor and serve on the board in accordance with section 26-34, consisting of:

(A)One member with professional knowledge and experience in establishing retirement savings plans and retirement investment products;

(B)One member representing the interests of small businesses in Hawaii;

(C)One member with professional knowledge and experience in representing the interests of employers in terms of retirement savings;

(D)One member with professional knowledge and experience in representing the interests of employees in terms of retirement savings; and

(E)One member who is a retiree who resides in Hawaii, representing retirees in Hawaii.

(c)The terms of board members shall be four years; provided that the initial appointments shall be for staggered terms, as determined by the governor; provided further that ex-officio board members shall serve at the pleasure of the appointing authority.

(d)A simple majority of voting members of the board shall constitute quorum to do business. Any action taken by the board shall be approved by a simple majority of the voting members present. Any vacancy on the board shall not impair the authority of the remaining members to exercise all the powers of the board. All decisions of the board shall be reduced into writing and shall state separately the board's findings of fact and conclusions.

(e)The members of the board shall serve without compensation but shall be reimbursed for their actual and necessary expenses, including travel expenses, incurred in carrying out their duties.

(f)The board, or its co-chairs with the approval of the board, may employ an executive director exempt from chapters 76 and 89, and other staff necessary to perform its duties. [L 2022, c 296, pt of §2]