Report Title:

Withholdings; Employees' Annuity and Custodial Account Contracts

 

Description:

Permits the department of education to pass on the cost of implementing and administering annuity contracts to the employees.

 

THE SENATE

S.B. NO.

1476

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the department of education.

 

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

SECTION 1. Section 303-3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(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 education and the University of Hawaii may contract with third parties to administer plans for the withholding of amounts from the salaries of their employees payable on account of annuity contracts and for making payments on their behalf. Costs for implementing and administering these plans for the department of education and the University of Hawaii shall be borne by the employees maintaining annuity contracts."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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