(a) No covered employer or other employer shall be liable for or bear responsibility for:

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Terms Used In Hawaii Revised Statutes 389-9

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fiduciary: A trustee, executor, or administrator.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1) An employee’s decision to opt in or not participate in the program;
(2) Investment decisions made by the participants and the board;
(3) The administration, investment, investment returns, or investment performance of the program, including any interest rate or other rate of return earned on any contribution or account balance; provided that the employer played no role in the investment;
(4) The program design or the benefits paid to participants;
(5) Individuals’ awareness of or compliance with the conditions and other provisions of the tax laws that determine:

(A) Which individuals are eligible to make tax-favored contributions to IRAs;
(B) The permissible amount of contributions; and
(C) The time frame and manner within which contributions are to be made;
(6) Any loss, failure to realize any gain, or any other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any person as a result of program participation; or
(7) Any loss, deficiency, or damages caused by or related to the action or inaction of the program manager.
(b) No covered employer or other employer shall be, or shall be considered to be, a fiduciary in relation to the program or any other arrangement under the program.

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