Understanding Hawaii's State Mandates for Retirement Plans: Options and Compliance
Help clients understand Hawaii's state-mandated retirement program and explore the alternative solutions to satisfy the mandates as well as meet their business needs.
Key Points
- State Mandate Compliance: Inform clients about Hawaii's retirement program requirements, including the need for employers with one or more employees to offer a retirement plan.
- Hawaii Retirement Savings Overview: Highlight the features of the Hawaii Retirement Savings program, such as automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Retirement Plans: Explain the benefits of other plans that satisfy the mandate, like 401(k) and PEPs, highlighting their flexibility, contribution limits, and potential tax advantages for both employers and employees.