THE SENATE	S.B. NO.	596
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

A BILL FOR AN ACT

relating to hawaii retirement savings.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 389-2, Hawaii Revised Statutes, is amended by amending the definition of "covered employer" to read as follows:

""Covered employer" means any person who is in business in the State and has one or more individuals in employment. "Covered employer" does not include:

(1) The United States;

(2) The State or any of its political subdivisions; or

(3) A person that has [been maintaining for all employees] offered or maintained for some or all employees at any time during the preceding two years a retirement plan that is tax-qualified under or is described in and satisfies the requirements of section 401(a), 401(k), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

Report Title:

Hawaii Retirement Savings Act; Covered Employer

Description:

Amends the definition of "covered employer" in the Hawaii Retirement Savings Act.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.