The default contribution amount deducted from the payroll of a covered employee who has elected to contribute to the program shall be equal to five per cent of the covered employee's salary or wages; provided that an employee may elect to contribute a higher or lower percentage of compensation as long as the amount does not exceed the applicable contribution dollar limits under the Internal Revenue Code.
Haw. Rev. Stat. § 389-6
Hawaii retirement savings program; contribution amount; rates
Known as the Hawaii Retirement Savings Act
The act spans §§ 389–389 (16 sections).
L 2022, c 296, pt of §2
Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.