(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.
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Terms Used In Hawaii Revised Statutes 389-7

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(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.

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