Hawaii SB1455 amends the Hawaii Retirement Savings Act to clarify employer definitions and mandate automatic employee enrollment in a.

Hawaii SB1455 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 and businesses with existing retirement plans. The bill mandates automatic enrollment of eligible employees in the state's retirement savings program, allowing them to opt out. Employers must withhold contributions from employees' paychecks and remit them to the program. The bill also outlines the program's objectives, including simplicity, cost minimization, and portability of benefits.

Hawaii SB1455 amends the Hawaii Retirement Savings Act to clarify employer definitions and mandate automatic employee enrollment in a.

Hawaii SB1455 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 and businesses with existing retirement plans. The bill mandates automatic enrollment of eligible employees in the state's retirement savings program, allowing them to opt out. Employers must withhold contributions from employees' paychecks and remit them to the program. The bill also outlines the program's objectives, including simplicity, cost minimization, and portability of benefits.