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Hawaii Senate Recommends Approval Of Auto-IRA Program


Two key committees of the Hawaii Senate have recommended that the full Senate approve legislation to create the Hawaii Retirement Savings Program, an auto-IRA program for private sector workers.

 
 

Hawaii Senate Recommends Approval Of Auto-IRA Program


Two key committees of the Hawaii Senate have recommended that the full Senate approve legislation to create the Hawaii Retirement Savings Program, an auto-IRA program for private sector workers.
 
The Ways and Means Committee of the Hawaii Senate on February 23 unanimously approved SB 3289; the Senate Committee on Labor, Culture and the Arts approved it on February 18 on a vote of 3-0, with two absences. SB 3289 would create a state-facilitated payroll deduction plan to help private sector workers who don't have access to a retirement plan at work to save automatically for their post-work years. The proposed enactment date is July 1, 2024.
 
It is the seventh year in a row that the Hawaii State Legislature has considered such legislation, NCPERS noted in testimony submitted February 8 in support of SB 3289.
 
“Hawaii's numbers underscore the need to prompt action,” Hank Kim, NCPERS executive director and counsel, said in the testimony. “Half of the state's private sector workers lack access to a workplace retirement savings plan, and the situation is worse for employees with companies with fewer than 100 workers.”
 
You might also be interested in: Auto- IRA Programs Are Going Strong as Supreme Court Denies Petition to Strike Down CalSavers; Auto-IRAs & New Fintech Options Are Changing The Face of Private Sector Retirement Savings; Illinois Secure Choice Update; California 9th Circuit Rejects Howard Jarvis Taxpayers Association Petition To Strike Down CalSAVERS.

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