Department of Human Resources Development

Be Prepared for the Upcoming Temporary Hazard Pay Settlement Window

If you are qualified to receive compensation as a result of the Temporary Hazard Pay (THP) settlement, you may want to consider deferring all or a portion of this payment into the State of Hawai‘i Deferred Compensation Plan (also known as the Island $avings Plan or Plan). The Island $avings Plan allows you to set aside money for your future, helping you meet your retirement goals so you can be better prepared for retirement.

To defer your THP or a portion of this payment, YOU MUST HAVE AN ISLAND $AVINGS PLAN ACCOUNT ALREADY ESTABLISHED.

If you are not enrolled in the Plan and are interested in this deferral opportunity, enroll now or no later than Monday, January 13, 2025. Please allow 7 to 10 business days from when your Enrollment Form was submitted for Empower to establish your account. Once your account is established and registered, you will then be able to make a THP election.

For instructions on how to enroll in the Island $avings Plan, click here.

Enrollment Form

Already Enrolled in the Island $avings Plan?

That’s awesome! For employees who fall under the HGEA THP Settlement, please make your THP election online via your Island $avings Plan account. You may also make your THP election by calling the Empower Service Center at 888-71-ALOHA (888-712-5642) and selecting option 1, weekdays from 2:00 a.m. to 4:00 p.m. and Saturdays from 3:00 a.m. to 11:30 a.m. Hawai‘i Standard Time. The deadline to make a THP election into your Island $avings Plan account is Friday, February 21, 2025. The HGEA THP Settlement payment will be processed on March 20, 2025.

Instructions on how to defer the HGEA THP Settlement payment to the Island $avings Plan, click here.

For employees who fall under the Hawai‘i Fire Fighters Association (HFFA) Settlement, instructions on how to make a THP election will be forthcoming. The HFFA THP Settlement payment is scheduled to be processed on April 4, 2025.

Resources:
Memo
Frequently Asked Questions
Step-by-step guide for THP elections

For more information or assistance, please contact our Retirement Plan Advisors in the Honolulu Office for one-on-one assistance at 888-71-ALOHA (888-712-5642) and select option 2 or go to empower.com/islandsavings and click on the Meet Your Retirement Plan Advisors tile to schedule an appointment.