Section 389-8 - Hawaii retirement savings special fund(a) There is established within the state treasury a Hawaii retirement savings special fund, into which shall be deposited: (1) Moneys appropriated to the fund by the legislature;(2) Moneys transferred to the fund from the federal government, other states, and their political subdivisions;(3) Fees collected by the board in relation to the administration and operation of the program;(4) Grants, gifts, and donations made to the board for deposit into the fund;(5) Moneys collected for the fund from: (A) Contributions to, or investment returns or assets of, the program; or(B) Other moneys collected by or for the program or pursuant to arrangements established under the program, to the extent permitted under federal and state law;
(6) Interest earned or accrued on moneys deposited in the fund; and(7) Penalties collected pursuant to section 389-14.(b) All moneys in the special fund are appropriated for the purposes of and shall be expended by the department to pay the administrative costs and expenses of the program, program manager, matching contributions to participant accounts, and the administrative costs and expenses that the board incurs in the performance of its duties under this chapter, and to reimburse the general fund of the State of Hawaii for the initial expenses incurred for initiating, implementing, maintaining, and administering the program.Added by L 2022, c 296,§ 2, eff. 7/12/2022.