Hawaii HB847 amends the Hawaii Retirement Savings Act to clarify employer definitions and enhance the state-facilitated payroll deduction retirement.

Hawaii HB847 amends the Hawaii Retirement Savings Act to redefine "covered employer" to include any business operating in the state with employees, excluding federal, state, and local governments. The bill mandates automatic enrollment of eligible employees in the state-facilitated payroll deduction retirement savings program unless they opt out. It removes the cap on total fees and expenses for the program, allowing the board to manage costs efficiently.

Hawaii HB847 amends the Hawaii Retirement Savings Act to clarify employer definitions and enhance the state-facilitated payroll deduction retirement.

Hawaii HB847 amends the Hawaii Retirement Savings Act to redefine "covered employer" to include any business operating in the state with employees, excluding federal, state, and local governments. The bill mandates automatic enrollment of eligible employees in the state-facilitated payroll deduction retirement savings program unless they opt out. It removes the cap on total fees and expenses for the program, allowing the board to manage costs efficiently.