Bill Text: HI SB596 | 2024 | Regular Session | Introduced
Bill Title: Relating To Hawaii Retirement Savings.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [SB596 Detail]
Download: Hawaii-2024-SB596-Introduced.html
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THE SENATE |
S.B. NO. |
596 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to hawaii retirement savings.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 389-2, Hawaii Revised Statutes, is amended by amending the definition of "covered employer" to read as follows:
""Covered employer" means any person who is in business in the State and has one or more individuals in employment. "Covered employer" does not include:
(1) The United States;
(2) The State or any of its political subdivisions; or
(3) A person that has [been maintaining for all
employees] offered or maintained for some or all employees at any time
during the preceding two years a retirement plan that is tax-qualified under or
is described in and satisfies the requirements of section 401(a), 401(k),
403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Hawaii Retirement Savings Act; Covered Employer
Description:
Amends the definition of "covered employer" in the Hawaii Retirement Savings Act.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
