Hawaii · statute · Haw. Rev. Stat. ch. 303 · 7 active provisions
The purpose of this chapter is to provide the means by which employees of the department of education and the University of Hawaii may qualify for the favorable benefits of section 403(b) of the Internal Revenue Code of 1986, as amended.
(a) The department of education and the University of Hawaii, on behalf of any employee of the respective institutions, may enter into a written agreement with any employee to purchase for the employee: (1) An annuity contract under section 403(b) of the Internal Revenue Code of 1986, as amended, from an insurer who ho…
(a) The department of education and the University of Hawaii may also enter into an agreement under which the employer shall withhold from the salary of the employee the amount of the premiums payable on account of the annuity contract, and shall make such premium payments on behalf of the employee. The department of e…
The University of Hawaii, department of education, and the State of Hawaii shall not be held liable for the sums deferred or the results of any investment product.
Each employer may adopt rules to implement this chapter including but not limited to: (1) The method of filing an election to accept an adjustment in earnings and revocation of the election; (2) The effective date of an election; (3) Changes in the amount of the adjustment in earnings; and (4) Selection of the insuranc…
A reduction in salary authorized by an employee under terms of this chapter shall in no way alter the amount of regular compensation or gross salary upon which the employee's contribution to the employees' retirement system is based.
The University of Hawaii, on behalf of any of its football coaches, may enter into a written agreement with any association of football coaches with a qualified coaches plan under the Employee Retirement Income Security Act of 1974, as amended, for the purpose of enabling its football coaches to participate in the asso…