§303-2  Contract for purchase of annuity or
investment in custodial account.  (a)  [Subsection effective until June
30, 2008.  For subsection effective July 1, 2008, see below.]  The
department of education and the University of Hawaii, on behalf of any employee
of the respective institutions, may enter into a written agreement with any
employee to purchase for the employee:



(1)  An annuity contract under section 403(b) of the
Internal Revenue Code of 1986, as amended, from an insurer who holds a
certificate of authority under section 431:3-201 or certificate of registration
of dealer in securities under chapter 485, or both, and who complies with the
requirements established by the respective institution and agrees to abide by
the terms, conditions, rules, or regulations of the respective institution; or



(2)  An annuity contract qualified under section
401(k) of the Internal Revenue Code of 1986, as amended, which provides a
nationwide retirement trust for a group of college or university football
coaches who, due to the nature of their jobs, change employers frequently.



(a)  [Subsection effective July 1, 2008. 
For subsection effective until June 30, 2008, see above.]  The department
of education and the University of Hawaii, on behalf of any employee of the
respective institutions, may enter into a written agreement with any employee
to purchase for the employee:



(1)  An annuity contract under section 403(b) of the
Internal Revenue Code of 1986, as amended, from an insurer who holds a
certificate of authority under section 431:3-201 or certificate of registration
of dealer in securities under chapter 485A, or both, and who complies with the
requirements established by the respective institution and agrees to abide by
the terms, conditions, rules, or regulations of the respective institution; or



(2)  An annuity contract qualified under section
401(k) of the Internal Revenue Code of 1986, as amended, which provides a
nationwide retirement trust for a group of college or university football
coaches who, due to the nature of their jobs, change employers frequently.



(b)  The University of Hawaii and after
December 31, 2003, the department of education may pay amounts to a custodial
account established on behalf of the employee pursuant to section 403(b)(7) of
the Internal Revenue Code of 1986, as amended. [L 1967, c 40, pt of §1; HRS
§303-2; am L 1993, c 77, §3; am L 1999, c 123, §2(3); am L 2001, c 186, §1; am
L 2006, c 229, §5]



 



Attorney General Opinions



 



  University may make more than one agreement with an employee
to purchase annuity contracts for the employee, provided that no more than one
agreement is made during any taxable year of employee.  Att. Gen. Op. 71-4.