HRS §389-7
Program manager duties
This section says the retirement savings program must be run by a financial company chosen by the board. That company must keep fees low and give each participant a yearly report on their account.
everyone
The statute, as written — Hawaii retirement savings program; program manager
(a) The program shall be managed by a program manager that shall be a financial institution with professional knowledge and experience in managing payroll deduction IRAs, contracted by the board in compliance with chapter 103D. (b) The program manager shall keep total fees and expenses as low as practicable. (c) The program manager shall prepare and make available to all participants a report on the status of each participant's account at least once every calendar year.
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