Hawaii maybe the latest state to approve the creation of a state-run IRA program but they will not mandate auto-enrollment for those eligible to participate.
Workers at companies with five or more employees that lack a retirement plan will have to sign up for the Hawaii Retirement Savings Program, which was passed by the state legislature but hasn’t been signed by the Governor. Self-employed individuals also would be able to take part.
The program would be administered by a yet-to-be-formed formed Hawaii Retirement Savings Board, which upon its creation would work with the state’s Department of Labor and Industrial Relations and the Department of Budget and Finance. The board would provide the state-facilitated payroll-deduction plan to private-sector employees beginning on a date to be established by the future board.
