§88E-9  Investments.  (a)  The board maycreate a trust or other special funds for the segregation of funds or assetsresulting from compensation deferred and for the administration of the plan.

(b)  Participating employees shall invest theirdeferred compensation in the investment products permitted under the plan;provided that the investment products shall be provided by companies that arelicensed to provide investment products and transact business in the State.

(c)  The investment products may includeannuities, life insurance, savings accounts, mutual funds, or other types ofinvestment products that are commonly offered in the securities industry orother deferred compensation plans and are determined by the board to bereasonably prudent investment products.

(d)  The investment products shall have beenreviewed and selected by the board after a competitive bidding process based onthe specifications and considerations deemed appropriate by the board.

(e)  The investments and investment productsshall not be construed to be a prohibited use of general assets of the State.

(f)  Nothing in this chapter shall be construedto permit any type of investment prohibited by law. [L Sp 1981 1st, c 7, pt of§1; am L 2008, c 92, §2]

 

Attorney General Opinions

 

  Hawaii Public Procurement Code did not apply to board oftrustees' current administrator and investment-product-provider contractsbecause they were entered into before Code's July 1, 1994 effective date. The Code would apply to contracts entered into after that date if "publicfunds" are used to fund them.  Att. Gen. Op. 94-4.