§303-2  Contract for purchase of annuity orinvestment in custodial account.  (a)  [Subsection effective until June30, 2008.  For subsection effective July 1, 2008, see below.]  Thedepartment of education and the University of Hawaii, on behalf of any employeeof the respective institutions, may enter into a written agreement with anyemployee to purchase for the employee:

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

(2)  An annuity contract qualified under section401(k) of the Internal Revenue Code of 1986, as amended, which provides anationwide retirement trust for a group of college or university footballcoaches 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 departmentof education and the University of Hawaii, on behalf of any employee of therespective institutions, may enter into a written agreement with any employeeto purchase for the employee:

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

(2)  An annuity contract qualified under section401(k) of the Internal Revenue Code of 1986, as amended, which provides anationwide retirement trust for a group of college or university footballcoaches who, due to the nature of their jobs, change employers frequently.

(b)  The University of Hawaii and afterDecember 31, 2003, the department of education may pay amounts to a custodialaccount established on behalf of the employee pursuant to section 403(b)(7) ofthe 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; amL 2006, c 229, §5]

 

Attorney General Opinions

 

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