Hawai‘i state employees eligible for Temporary Hazard Pay (THP) settlement have the option to defer part or all of their payment into the Hawai‘i Deferred Compensation Plan, also known as the Island $avings Plan. This plan is intended to help employees save for retirement.
A recent memo states that employees who wish to defer their Temporary Hazard Pay must already have an Island $avings Plan account. For those not yet enrolled, the deadline to complete enrollment is January 13, with account setup requiring 7 to 10 business days for processing.
Enrollment information, as well as a guide on how to defer the THP settlement payment to the plan, is accessible online. For employees who are already part of the Island $avings Plan and fall under the HGEA settlement, THP elections can be made either online or by calling Empower Service Center at 888-71-ALOHA, with a selection for option 1. The final date for such elections is slated for February 21, and the HGEA THP Settlement payment processing will follow on March 20.
Furthermore, employees under the Hawai‘i Fire Fighters Association (HFFA) should stay on the lookout, as instructions for making THP elections are set to be released shortly. As noted in the state's announcement, these particular THP settlement payments are expected on April 4. Additional resources such as FAQs and a step-by-step guide for making THP elections are made available to assist employees through the process.
For personalized assistance, state employees are encouraged to reach out to Retirement Plan Advisors in the Honolulu Office, by phoning 888-71-ALOHA and selecting option 2, or by visiting empower.com/islandsavings and scheduling an appointment using the "Meet Your Retirement Plan Advisors" feature, as per the state's announcement.
