§88E-1 Definitions. As used in this chapter, unless the context clearly indicates otherwise: “County” means the counties of Hawaii, Kauai and Maui, and the city and county of Honolulu. “Employee” means a person who is eligible to participate in the employees’ retirement system of the State of Hawaii as defined in section 88-21. “State” means […]
§88E-10 REPEALED. L 2000, c 253, §137.
§88E-11 Limitation on liability. The State or county shall not be liable for the sums deferred or the results of any investment product. [L Sp 1981 1st, c 7, pt of §1]
§88E-12 Deferred amounts as compensation. Any compensation deferred pursuant to a plan established under this chapter shall be deemed regular compensation for the purpose of computing contributions or benefits under existing retirement, pension, or social security systems applicable to participating employees; provided that, at the participating employee’s option, all or part of the deferred compensation […]
§88E-13 Costs of the plan. Costs for implementing and administering the plan shall be borne by the plan and its participants, except for incidental expenses, such as, the cost of payroll deductions and the routine processing of forms. [L Sp 1981 1st, c 7, pt of §1]
§88E-14 County deferred compensation plans. The counties may establish deferred compensation plans for their respective employees. A plan so established need not be subject to the other provisions of this chapter, but shall be in compliance with applicable federal laws and regulations. [L Sp 1981 1st, c 7, pt of §1]
§88E-15 Existing deferred compensation plans. This chapter shall not affect any existing deferred compensation plan established under section 457 of the Internal Revenue Code, as amended. [L Sp 1981 1st, c 7, pt of §1]
§88E-2 State deferred compensation plan. The State may establish a deferred compensation plan in accordance with section 457 of the Internal Revenue Code of 1954, as amended, for the benefit of employees to defer a portion of their compensation to a future period of time. Participation in the plan shall be by written agreement between […]
§88E-3 Board of trustees. (a) The authority to establish the plan and implement this chapter is vested in the board of trustees. The board shall be placed within the department of human resources development for administrative purposes. (b) The board shall adopt such rules to carry out this chapter in accordance with chapter 91; provided […]
§88E-4 Composition of the board of trustees. The board of trustees shall consist of seven members as follows: (1) The director of human resources development of the State or a designated representative, ex officio; (2) The director of finance of the State or a designated representative, ex officio; and (3) Five other persons, who shall […]
§88E-5 Appointment and terms. Except for the directors of human resources development and finance, the members of the board shall be nominated and, by and with the advice and consent of the senate, appointed by the governor and shall serve terms of four years each; provided that of the trustees first appointed upon establishment of […]
§88E-6 Compensation and expenses. Each trustee shall serve without compensation but shall be reimbursed from the fund for any necessary expense incurred in the performance of the trustee’s duties. [L Sp 1981 1st, c 7, pt of §1; gen ch 1985]
§88E-7 Legal advisor. The attorney general shall be the legal advisor of the board. [L Sp 1981 1st, c 7, pt of §1]
§88E-8 Deferred funds. Sums deferred under the plan, as well as property and rights purchased with such amounts and income attributable to such amounts, shall be held in trust outside the state treasury in accordance with section 457 of the Internal Revenue Code of 1986, as amended, for the exclusive benefit of participants and their […]
§88E-9 Investments. (a) The board may create a trust or other special funds for the segregation of funds or assets resulting from compensation deferred and for the administration of the plan. (b) Participating employees shall invest their deferred compensation in the investment products permitted under the plan; provided that the investment products shall be provided […]
