SB1455

Hawaii SB1455 amends the Hawaii Retirement Savings Act to clarify employer definitions and implement automatic enrollment for private sector.

Hawaii SB1455 amends the Hawaii Retirement Savings Act to clarify the definition of "covered employer" and establish automatic enrollment for private sector employees. The bill requires covered employers to automatically enroll employees in the state-facilitated payroll-deduction retirement savings plan unless the employee opts out. Employers must withhold payroll deductions and transmit contributions to the program. The bill also allows for the establishment of Roth and traditional individual retirement accounts for participants.