Retirement insecurity is one of the most serious challenges facing the country today. Most at risk are private sector workers whose employers do not offer a workplace retirement savings plan. However, the Hawai‘i State Legislature has initiated action on this critical issue.
In the regular session of 2021, the Senate adopted Senate Resolution 76 (SR76), Senate Draft 1. Introduced by Sen. Brian Taniguchi, SR76 requested the creation of a Retirement Savings Program Task Force to address the state’s retirement savings crisis and explore options for helping workers save for their retirement.
The task force comprised of business and nonprofit stakeholders, and public officials and legislators has been meeting since August 2021 to study the issue of retirement insecurity and to look at how the state can help our residents save more for their future.
We received testimony and insights from local and national experts, as well as from small business owners and financial institutions in Hawai‘i. Our findings culminated and a formal Report and Recommendations document was submitted to the Legislature on Dec. 10, 2021. This is very exciting for all small business employees and employers who care about their employees and want to give them an opportunity for retirement security.