Hawaii Administrative Rules › Title 14 - DEPARTMENT OF HUMAN RESOURCES DEVELOPMENT › Subtitle 4 - STATE OF HAWAII DEFERRED COMPENSATION PLAN › Chapter 41 - GENERAL PROVISIONS › Section 14-41-2 - Definitions

Current through June, 2024
As used in this chapter: "Administrator" means the company or
				  persons engaged by the board to administer and maintain the plan under the
				  direction of the board.
"Amounts deferred" means a portion of compensation withheld
				  that is deferred or contributed into the plan, as either a pre-tax or a Roth
				  contribution, subject to the limits prescribed under the Code.
"Beneficiary" means a person designated by a participant, a
				  participant's estate, or any person, whose rights under the plan are derived as
				  a result of the participant's death.
"Board" means the board of trustees of the State of Hawaii
				  deferred compensation plan created pursuant to section
				  88E-3, Hawaii Revised
				  Statutes.
"CARES Act" means the Coronavirus Aid, Relief, and Economic
				  Security Act of 2020, as amended.
"Code" means the United States Internal Revenue Code, as
				  amended.
"Designated Roth account" means a Roth 457(b) account and is
				  a separate account established within a participant's plan account that holds
				  the designated Roth contributions made by the participant.
"Designated Roth contribution" is a type of elective
				  deferral, unless specifically stated otherwise, that a participant designates
				  as an irrevocable Roth contribution which is included in gross income and
				  deposited into a designated Roth account within the same plan. The deferral is
				  treated as an elective deferral subject to the combined maximum annual deferral
				  limits for normal deferrals, age-based deferrals, or traditional catch-up
				  deferrals.
"Direct rollover" or trustee-to-trustee transfer means a
				  direct transfer of assets out of the plan to another eligible, qualified plan
				  or an individual retirement account, and is not includible in the gross income
				  of a participant or designated beneficiary,, pursuant to a permissible
				  distributable event under the Code.
"Employee" means any person who is eligible to participate in
				  the employees' retirement system of the State of Hawaii as defined in section
				  88-21, Hawaii Revised
				  Statutes.
"Employer" means the State of Hawaii or any county of the
				  State of Hawaii which enters into an agreement with the State of Hawaii to
				  extend the plan to the employees of the county.
"HEART Act" means the Heroes Earnings Assistance and Relief
				  Tax Act of 2008, as amended.
"Includible compensation" means compensation which is
				  includable in gross income for federal and state tax purposes, taking into
				  account the provisions of, and adjustments specified in, section 457 of the
				  Code.
"In-plan Roth rollover" is an eligible distribution from the
				  participant's plan account, other than a designated Roth account, that is
				  directly-rolled over to the participant's designated Roth account within the
				  same plan.
"Participant" means an employee who enters into a written
				  agreement with the respective employer to defer compensation under the
				  plan.
"Participant account" means the accounts and subaccounts
				  established on behalf of a participant or beneficiary within the plan, as
				  applicable, for 457(b) contributions, rollover contributions, in-plan
				  rollovers, and for all other rollover sources.
"Participation agreement" means the written agreement between
				  an employee and employer to have compensation withheld each pay period and
				  invested by the board.
"Plan" means the State of Hawaii deferred compensation plan
				  established in accordance with chapter
				  88E, Hawaii Revised Statutes, and
				  section 457 of the Internal Revenue Code,
				  26 U.S.C. §
										457.
"Pre-tax contribution" means a participant's elective
				  deferral that is not includible in the participant's gross income at the time
				  of the deferral.
"Qualified distribution" is a distribution made after a
				  five-taxable-year period of participation and is either:
1) made on or after the date the participant
				attains 59 1/2 years;
2) made after
				a participant's death; or
3)
				attributable to the participant being disabled.
"Roth contribution" means a participant's elective Roth
				  457(b) deferral that is includible in the participant's gross income at the
				  time of the deferral and has been irrevocably designated as a Roth contribution
				  by the participant.
"Severance from employment" means the date that an employee
				  has terminated employment with the State or participating county.
"Unforeseeable emergency" means severe financial hardship to
				  a participant resulting from a sudden and unexpected illness or accident of the
				  participant or of the participant's dependent, as defined in section 152(a) of
				  the Internal Revenue Code, loss of the participant's property due to casualty,
				  or similar extraordinary and unforeseeable circumstances beyond the
				  participant's control.