Bill Text: HI SCR97 | 2021 | Regular Session | Amended
Bill Title: Requesting The Convening Of A Retirement Savings Program Task Force To Assess The Feasibility Of Establishing A Hawaii Retirement Savings Program For Private Sector Employees Without Access To Employer-sponsored Retirement Plans.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Engrossed - Dead) 2021-04-01 - Referred to LAT, FIN, referral sheet 32 [SCR97 Detail]
Download: Hawaii-2021-SCR97-Amended.html
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THE SENATE |
S.C.R. NO. |
97 |
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THIRTY-FIRST LEGISLATURE, 2021 |
S.D. 1 |
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STATE OF HAWAII |
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SENATE CONCURRENT
RESOLUTION
REQUESTING THE CONVENING OF A RETIREMENT SAVINGS PROGRAM TASK FORCE TO ASSESS THE FEASIBILITY OF ESTABLISHING A HAWAII RETIREMENT SAVINGS PROGRAM FOR PRIVATE SECTOR EMPLOYEES WITHOUT ACCESS TO EMPLOYER-SPONSORED RETIREMENT PLANS.
WHEREAS, there is an imminent retirement security crisis in the State with many individuals without access to an employer-sponsored retirement plan; and
WHEREAS, individuals without a retirement plan are at significant risk of not having sufficient retirement income to cover their basic expenses during retirement; and
WHEREAS, a retirement plan can help employees achieve financial security, improve economic mobility, and reduce wealth disparity; and
WHEREAS, in 2017, Oregon was the first state in the nation to implement a state retirement program that covers private sector employees without access to an employer-sponsored retirement plan; and
WHEREAS, other states including California and Illinois have adopted similar programs; and
WHEREAS, individuals need a lifelong savings system that provides them with the opportunity to build their assets and attain future financial stability; and
WHEREAS, approximately fifty percent of the State's private sector employees work for an employer that does not offer a retirement plan or are not eligible for the plan offered; and
WHEREAS, the lack of opportunity to participate in an employer-sponsored retirement plan spans all levels of education and earnings; and
WHEREAS, an employee who is offered the opportunity to save through a payroll deduction savings plan at work is fifteen times more likely to participate and make steady contributions to build retirement savings; and
WHEREAS, the creation of a retirement savings task force is critical to defining, analyzing, assessing, and coming up with findings and recommendations related to the establishment of a retirement savings program for private sector employees in the State without access to an employer-sponsored retirement plan; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-first Legislature of the State of Hawaii, Regular Session of 2021, the House of Representatives concurring, that a retirement savings program task force is requested to be convened to:
(1) Assess the feasibility of establishing a Hawaii retirement savings program for private sector employees in the State without access to employer-sponsored retirement plans (Hawaii Retirement Savings Program);
(2) Review the implications of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, P.L. 116-94, which was enacted on December 20, 2019; and
(A) An implementation plan that recommends the best model for Hawaii;
(C) A general marketing and outreach framework to encourage small business and employee participation; and
BE IT FURTHER RESOLVED that to assist in its assessment of the feasibility of a Hawaii retirement savings program, the retirement savings task force is requested to review independent studies and reports and receive briefings by national and local experts in retirement savings to:
(1) Understand the fiscal implications to the State if it establishes a state-facilitated retirement program, and the implications to the State if it does not;
(2) Analyze the benefits and risks of the different state-facilitated retirement savings models of California, Illinois, Oregon, and other states that have initiated a similar retirement savings program;
(3) Explore the feasibility and benefits of inter-state partnerships and cooperative agreements with similar retirement savings programs established in other jurisdictions;
(4) Be informed of the implications and current findings of the federal SECURE Act and to describe benefits and limitations of the Act; and
(5) Review the efficacy of current financial literacy educational outreach and marketing to individual consumers and the impact on retirement savings; and
BE IT FURTHER RESOLVED that the retirement savings program task force is requested to comprise the following members, or their designees:
(1) One member of the Senate to be appointed by the President of the Senate, who shall convene the task force, and who is requested to serve as:
(A) A non-voting member of the task force; and
(B) A co-chair pro tempore of the task force until the members of the task force elect a chair and vice chair of the task force; and
(2) One member of the House of Representatives to be appointed by the Speaker of the House of Representatives, and who is requested to serve as:
(A) A non-voting member of the task force; and
(B) A co-chair pro tempore of the task force until the members of the task force elect a chair and vice chair of the task force; and
(3) The Director of Finance;
(4) The Director of Labor and Industrial Relations;
(5) One member representing small business organizations in Hawaii without an employer-sponsored retirement plan to be selected by the President of the Senate;
(6) One member representing non-profit organizations in Hawaii without an employer-sponsored retirement plan to be selected by the Speaker of the House of Representatives;
(7) One member representing employees who lack access to employer-sponsored retirement plans to be appointed by the Speaker of the House of Representatives;
(8) One member who is an attorney with professional knowledge and experience in retirement plans, to be selected by the President of the Senate;
(9) One member who is an investment or financial advisor with professional knowledge and experience in private-sector retirement planning to be selected by the President of the Senate;
(10) One member who is a third-party retirement plan administrator to be selected by the Speaker of the House of Representatives;
(11) One member representing organizations in Hawaii that work with low-income and working families to achieve and sustain economic self-sufficiency to be selected by the President of the Senate; and
(12) One member representing organizations in Hawaii that represent older adults and retirees to be selected by the Speaker of the House of Representatives; and
BE IT FURTHER RESOLVED that the members of the retirement savings program task force are requested to elect a chair and vice chair of the task force from amongst themselves to replace the co-chairs pro tempore; and
BE IT FURTHER RESOLVED that the retirement savings program task force may request and utilize an independent consultant or administrative facilitator to assist the task force in carrying out its activities, including but not limited to:
(1) Coordinating meeting logistics;
(2) Preparing agenda;
(3) Obtaining independent studies and reports;
(4) Planning and coordinating local and national experts for briefings per request of the retirement savings task force;
(5) Notetaking; and
(6) Preparing the final report to the Legislature; and
BE IT FURTHER RESOLVED that the retirement savings program task force is requested to submit a report of its findings, recommendations, an implementation plan of a retirement savings program model deemed feasible for Hawaii, and any proposed legislation, to the Legislature no later than forty days prior to the convening of the Regular Session of 2022; and
BE IT FURTHER RESOLVED that the retirement savings program task force is requested to dissolve on September 30, 2022; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Director of Finance and Director of Labor and Industrial Relations.
Retirement Savings Task Force; Hawaii Retirement Savings Program
