Haw. Code R. § 14-52-60 - Use of contributions, forfeited balances, and interest

(a) Contributions shall be used for the benefit of the participants and the plan.

(b) Any balance remaining in a participant's spending account or accounts after ninety calendar days following the end of the plan year in excess of any limited rollover, or ninety calendar days following a cancellation in accordance with this chapter shall be forfeited by the participant, and the participant's spending account balance shall be reduced to zero for that plan year.

(c) Except as otherwise provided by law, the forfeited balances and interest earned on the contributions shall revert to the State.

(d) Forfeited participant balances and interest earned may be used to defray participant fees and other administrative costs of the plan.

Notes

Haw. Code R. § 14-52-60

[Eff SEP 13 1999] (Auth: HRS § 78-61) (Imp: HRS § 78-61) Am 8/17/2015 [Am and comp 12/2/2021] (Auth: HRS § 78-30) (Imp: HRS § 78-30)