Haw. Code R. § 14-44-12 - Insufficient funds; suspension; reinstatement
(a)
Whenever there are insufficient funds available to make the deferral designated
in the participation agreement, the deferral shall not be made.
(b) Deferrals shall automatically be
suspended if there are insufficient funds available to make the designated
deferral for six consecutive pay periods.
(c) A participant whose deferrals have been
suspended shall file a written request with the administrator to have deferrals
reinstated on the same terms contained in the participation agreement prior to
the suspension. However, if the desired reinstatement is to be on terms other
than those contained in the participation agreement, a participant shall file
an amended participation agreement, which shall be subject to acceptance by the
board.
Notes
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