REPORT TITLE:
Deferred Compensation


DESCRIPTION:
Makes participation in the Deferred Compensation Retirement Plan
for part-time, temporary, and seasonal or casual employees
voluntary rather than mandatory.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                            58          
HOUSE OF REPRESENTATIVES                H.B. NO.           
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO DEFERRED COMPENSATION RETIREMENT PLAN. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 88F-2, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "[[]88F-2[]]  State deferred compensation retirement plan
 
 4 for part-time, temporary, and seasonal or casual employees.  The
 
 5 State may establish a deferred compensation retirement plan in
 
 6 accordance with sections 457 and 3121 of the Internal Revenue
 
 7 Code of 1986, as amended, for the benefit of employees to defer a
 
 8 portion of their compensation to a future period of time.
 
 9 Participation in the plan shall be [mandatory,] voluntary.  If an
 
10 employee elects to participate in the plan, there shall be [with]
 
11 a mandatory payroll deduction by the employee equal to seven and
 
12 five-tenths per cent of the employee's gross monthly wages, which
 
13 shall be contributed to the plan."
 
14      SECTION 2.  Statutory material to be repealed is bracketed.
 
15 New statutory material is underscored.
 
16      SECTION 3.  This Act shall take effect upon its approval.
 
17 
 
18                           INTRODUCED BY:  _______________________