HRS §88E-8
Where deferred retirement money is kept
Money set aside under this plan, plus anything bought with it and any earnings, must be held in a trust outside the state treasury. This trust is for the sole benefit of plan participants and their beneficiaries, following federal tax rules.
beneficiaries
The statute, as written — Deferred funds
Sums deferred under the plan, as well as property and rights purchased with such amounts and income attributable to such amounts, shall be held in trust outside the state treasury in accordance with section 457 of the Internal Revenue Code of 1986, as amended, for the exclusive benefit of participants and their beneficiaries. [L Sp 1981 1st, c 7, pt of §1; am L 1997, c 171, §1; am L 2000, c 253, §127]
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