Section 389-7 - Hawaii retirement savings program; program manager(a) The program shall be managed by a program manager that shall be a financial institution with professional knowledge and experience in managing payroll deduction IRAs, contracted by the board in compliance with chapter 103D.(b) The program manager shall keep total fees and expenses as low as practicable; provided that the total fees and expenses of the program each year shall not exceed seventy-five basis points of the total assets of the program; provided further that this limit shall not apply during the initial three-year period following the establishment of the program.(c) The program manager shall prepare and make available to all participants a report on the status of each participant's account at least once every calendar year.Added by L 2022, c 296,§ 2, eff. 7/12/2022.