“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;
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Terms Used In Hawaii Revised Statutes 389-2

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(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 § 388-1.

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