The deferred compensation plan is available to employees eligible for the Employees’ Retirement System (ERS), including employees of the University of Hawai‘i. The Island Savings Plan is a voluntary supplemental retirement savings plan (similar to the 403(b)) authorized under section 457 of the Internal Revenue Code and the Hawai‘i Revised Statues (HRS) chapter 88E. The Island Savings Plan is intended to help employees save for retirement using pre-tax contributions and tax-deferred growth.
The Employees’ Benefits Fair is a great opportunity for employees to learn more about the Island Savings Plan supplemental retirement benefits program and other employee benefits. The Island Savings Plan consultants and investment fund provider representatives will be available to explain the investment options and answer questions. In addition, representatives from the ERS, Island Flex (Flexible Spending Account Plan), HI529 College Savings Plan, the Employer-Union Health Benefits Trust Fund (EUTF), and the various health plan carriers will be in attendance. Employees may also attend educational workshops conducted by representatives of the Island Savings Plan.
The Employees’ Benefits Fair is held a couple of times a year at various locations and islands. An upcoming Employee’s Benefits Fair is scheduled for October on the island of Hawai‘i.