HRS §88F-3
Who runs the deferred compensation plan
This section says the board of trustees that already runs the state deferred compensation plan is in charge of setting up and running this plan. The board must make rules to follow the law, but can skip normal rule-making for federal rules. It can hire help, but must ask for proposals first.
employeesemployersstate agenciestrustees
The statute, as written — Board of trustees
(a) The authority to establish the plan and implement this chapter is vested in the board of trustees which currently administers the state deferred compensation plan under chapter 88E. (b) The board shall adopt, in accordance with chapter 91, rules necessary to implement this chapter; provided that rules necessary for the plan to be in compliance with federal laws or regulations may be adopted without regard to chapter 91. The board may engage services, as necessary, to establish, administer, or maintain the plan under its direction. An administrator may be engaged only after a solicitation of proposals from interested persons in accordance with specifications deemed appropriate by the board.
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