Haw. Rev. Stat. § 389-2

Current through the 2024 Legislative Session

Section 389-2 - Definitions

"Board" means the Hawaii retirement savings board established under section 389-3.

"Covered employee" means an individual who:

(1) Is a resident of the State;

(2) Is eighteen years of age or older;

(3) Is in the employ of a covered employer; and

(4) Receives wages or other remunerations from a covered employer for services rendered that are subject to income tax as compensation paid in the State pursuant to section 235-34.

"Covered employee" does not include an individual covered under the federal Railway Labor Act (45 United States Code chapter 8) or on whose behalf the employer makes contributions to a Taft-Hartley multiemployer pension trust fund.

"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 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.

"Department" means the department of labor and industrial relations.

"Director" means the director of labor and industrial relations.

"Individual retirement account" or "IRA" means a traditional or Roth individual retirement account or individual retirement annuity under section 408(a), 408(b), or 408A of the Internal Revenue Code.

"Internal Revenue Code" means the Internal Revenue Code of 1986, as amended (title 26 of the United States Code).

"Participant" means an individual who is contributing to an IRA under the program or has an IRA account balance under the program.

"Person" means any individual, firm, association, organization, sole proprietorship, partnership, company, corporation, joint venture, trust, or any other form of business, legal entity, or group of individuals.

"Program" means the Hawaii retirement savings program established pursuant to this chapter.

"Roth IRA" means a Roth individual retirement account or individual retirement annuity under section 408A of the Internal Revenue Code.

"Special fund" means the Hawaii retirement savings special fund established in section 389-8.

"Total fees and expenses" means all fees, costs, and expenses, including but not limited to administrative expenses, investment expenses, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, education expenses, trading costs, insurance annuitization costs, and other miscellaneous costs.

"Traditional IRA" means a traditional individual retirement account or traditional individual retirement annuity under section 408(a) or (b) of the Internal Revenue Code.

"Wages" has the same meaning as in section 388-1.

HRS § 389-2

Added by L 2022, c 296,§ 2, eff. 7/12/2022.