Hawaii Retirement Savings Program
State of Hawaii IRA program
Year enacted |
2022 |
Status |
Program is expected to be operational by July 1, 2024. |
Employers affected |
All private sector employers with more than one employee and who didn't maintain a qualified retirement plan within the preceding two years that covered all employees. |
Type of account |
Roth IRA; the program's board reserves right to make traditional IRA available. |
Automatic enrollment |
No, employee participation is voluntary. |
Auto-escalation |
No |
Default contribution rate |
5% for employees who elect to participate. |
Employer contributions |
Not permitted |
State matching contribution |
The program's board may authorize matching contributions from the special fund of up to $500 for the first 50,000 covered employees who participate in the program for 12 consecutive months after their initial enrollment. |
Investment options |
TBD |
Fees |
Total fees and expenses must be kept as low as practicable and may not exceed 75 basis points of the total assets of the program following the initial three-year period of the program's establishment. |
Website |
TBD |
Source: Information is from the Hawaii Retirement Savings Act. It is subject to change without notice. Please contact the state to learn more.
Learn more about the opportunity with state-facilitated retirement plans
John Hancock Retirement Plan Services LLC offers administrative and/or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker-dealer for the John Hancock mutual funds, member FINRA, SIPC.
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