Haw. Code R. § 14-44-35 - Transfers to another eligible plan

(a) Regardless of any other provision of the plan or these rules, when a participant separates from service under the plan, benefits shall not be payable under the plan if the following conditions exist:

(1) The participant separates from service to accept employment with an entity which has an eligible plan and is located within the State of Hawaii;

(2) The participant has become a participant in the eligible plan of that entity; and

(3) The eligible plan of that entity accepts the transfer of previously deferred amounts from another eligible plan.

(b) Participants shall furnish the administrator with information to determine if the conditions under subsection (a) exist.

(c) If the conditions listed in subsection (a) exist, the amounts deferred in the participant's deferred compensation account, including income attributable to the amounts deferred, shall automatically be transferred to the other eligible plan. The transfer shall be made as soon as practicable.

(d) If the conditions listed in subsection (a) do not exist, benefits shall become payable in accordance with the provisions of the plan and this chapter.

Notes

Haw. Code R. § 14-44-35

[Eff. MAY 12 1983] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3) Am and comp 10/7/2023