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



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



(c)  The investment products may include
annuities, life insurance, savings accounts, mutual funds, or other types of
investment products that are commonly offered in the securities industry or
other deferred compensation plans and are determined by the board to be
reasonably prudent investment products.



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



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



(f)  Nothing in this chapter shall be construed
to 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 of
trustees' current administrator and investment-product-provider contracts
because they were entered into before Code's July 1, 1994 effective date. 
The Code would apply to contracts entered into after that date if "public
funds" are used to fund them.  Att. Gen. Op. 94-4.