State of Hawai‘i Deferred Compensation Plan (IRC 457)
One of the most important retirement benefits State employees have is the opportunity to participate in the Island $avings Plan, the State of Hawai‘i deferred compensation plan. This is a voluntary pre-tax retirement savings plan designed to give employees a tax break today and build a “nest egg” for their future.
Click on the following link to theIsland$avings Plan website to find out more about the plan:
For the latest information and announcements about the plan click on the following:
For information about the Board of Trustees that oversees the plan, click on the following:
For information about other program options, click on the following:
This is a program that provides State employees the ability to defer, to the employee’s deferred compensation plan, pay or compensation that he or she receives for unused vacation leave credits due to separation from service (i.e. resignation, retirement, termination, etc.). Deferring pay for unused vacation leave credits (usually a sizeable amount) can provide tax-savings on such pay in addition to significantly increasing an employee’s retirement savings.