REPORT TITLE:
UH Coaches Retirement


DESCRIPTION:
Allows UH athletic coaches to participate in alternative
retirement plans (401(k)) other than those offered by the
Employees' Retirement System.  Requires UH to pay to such plans
the amount it would have paid to the employees retirement system
for such employee.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           367
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO RETIREMENT BENEFITS. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 303-2, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "�303-2 Contract for purchase of annuity.  The department
 
 4 of education and the University of Hawaii, on behalf of any
 
 5 employee of the respective institutions, may enter into a written
 
 6 agreement with any [such] employee to purchase for the employee
 
 7 an annuity contract from an insurer who holds a certificate of
 
 8 authority under section 431:3-201 or who offers an annuity
 
 9 contract qualified under section 401(k) of the Internal Revenue
 
10 Code[,] of 1986, as amended, which provides a nationwide
 
11 retirement trust for a group of college or university [football]
 
12 coaches who, due to the nature of their jobs, change employers
 
13 frequently."
 
14      SECTION 2.  Section 303-6, Hawaii Revised Statutes, is
 
15 amended to read as follows:
 
16      "[[]�303-6[]]  Participation in qualified [football] coaches
 
17 pension plan.  (a)  The University of Hawaii, on behalf of any of
 
18 its [football] coaches, may enter into a written agreement with
 
19 any association of [football] coaches with a qualified coaches
 

 
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                                     S.B. NO.           367
                                                        
                                                        

 
 1 plan under the Employee Retirement Income Security Act of 1974,
 
 2 as amended, for the purpose of enabling its [football] coaches to
 
 3 participate in the association's qualified pension plan.  If no
 
 4 nationwide retirement trust for a group of college or university
 
 5 coaches exists for a coach of the University of Hawaii system,
 
 6 then the coach may designate an annuity contract from an insurer
 
 7 who holds a certificate of authority under section 431:3-201 or
 
 8 who offers an annuity contract qualified under section 401(k) of
 
 9 the Internal Revenue Code of 1986, as amended.
 
10      (b)  Upon the signing of an agreement under subsection (a),
 
11 in lieu of the employer contribution to be paid on behalf of an
 
12 employee to the employees' retirement system under chapter 88,
 
13 the University of Hawaii shall pay that sum directly to the
 
14 qualified coaches plan or qualified insurer designated pursuant
 
15 to subsection (a).
 
16      (c)  The University of Hawaii may withhold sums from a
 
17 participating [football] coach's salary and pay those sums
 
18 directly to the qualified coaches plan, or to the qualified
 
19 insurer designated pursuant to subsection (a), if withholding and
 
20 payment are required under the plan[.] and the required amount is
 
21 more than the amount payable by the University of Hawaii under
 
22 subsection (b)."
 
23      SECTION 2.  Statutory material to be repealed is bracketed.
 

 
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                                     S.B. NO.           367
                                                        
                                                        

 
 1 New statutory material is underscored.
 
 2      SECTION 3.  This Act shall take effect upon its approval.
 
 3 
 
 4                           INTRODUCED BY:  _______________________