HONOLULU Senate Bill 1374 to create a Hawaii Saves Retirement Savings Program died Friday when a conference committee meeting ended without an agreement on a final version of the bill.
HONOLULU — Senate Bill 1374 to create a Hawaii Saves Retirement Savings Program died Friday when a conference committee meeting ended without an agreement on a final version of the bill.
“Tonight was a huge loss for half of our private-sector employees who currently have no way to save at work via payroll deduction,” said Barbara Kim Stanton, AARP Hawaii state director, on Friday.
“This bill would have helped 216,000 private-sector workers and about 15,000 small businesses in Hawaii with an easy way to save for retirement at work. It would have saved taxpayers money because when more people save, fewer people will retire broke and the state will not have to spend as much money on social services like housing and food assistance and medical care.”
Senate Bill 1374 had widespread support among small businesses, workers and taxpayers, Stanton said.
About half of Hawaii’s private-sector workers are not able to save through payroll deduction.
Most small businesses find it too complicated and expensive to offer payroll savings programs.
