Bill > SB486

This bill establishes the Pomaikai Hawaii Fund, a trust fund to be placed under the Department of Budget and Finance for administrative purposes. The fund will consist of a percentage of visitor green fees collected by the department, with the specific percentage to be determined. The bill declares that all contributions, assets, interest, and earnings of the fund are to be held in trust exclusively for the benefit of "beneficiaries," which are defined as bona fide residents of Hawaii. The director of finance is required to adopt administrative rules that will: (1) determine the structure of the board administering the fund, (2) establish eligibility criteria for receiving compensation from the fund, including the frequency and amount of such compensation, and (3) create investment criteria for the fund, which will be modeled after existing retirement and health benefit trust systems in Hawaii. The fund is designed to provide financial benefits to Hawaii residents, though the specific details of these benefits are to be determined through the rule-making process. The act will take effect upon its approval.

Budget and Finance

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=486&year=2025