HB847

Hawaii HB847 amends the Hawaii Retirement Savings Act to clarify definitions, require automatic employee enrollment, and remove fee limits.

Hawaii HB847 amends the Hawaii Retirement Savings Act to clarify the definition of "covered employer," requiring automatic enrollment of employees in the state-facilitated payroll deduction retirement savings plan unless they opt out. The bill also removes the limit on total fees and expenses that can be spent by the program. Additionally, it establishes procedures for dispute resolution, investment policy, and collaboration with financial advisors. The bill appropriates funds for the program's development and operations.