Effective April 1, 2022, Empower officially acquired the full-service retirement business of Prudential. For more details, review the important information associated with the acquisition PDF File opens in a new window.

Island $avings Plan


You are immediately eligible to join the Island $avings Plan if you are an employee of the State of Hawai'i, County of Hawai'i, County of Kaua'i, County of Maui, Wai'alae Elementary Public Charter School, Department of Education or University of Hawai'i which belongs to the Employees' Retirement System (ERS).

How to enroll

By mail/in person Download, complete and return an Enrollment and Beneficiary Form to:

Empower 1100 Alakea Street Suite 1550 Honolulu, HI 96813

You can also get the enrollment form and other information at the Honolulu office. Visit us Monday–Friday, 8:00 a.m.–5:00 p.m.

Online After you have enrolled in the plan with the forms, register your account

Your contributions

Your contributions go from your pay to your plan account via automatic payroll deductions before taxes are taken out, and are directed to the investment options you choose. You can change your contributions any time by logging in to your account or by calling 888-71- ALOHA (888-712-5642).

Contribution limits

You may contribute up to 99%* of your monthly gross compensation before taxes (minimum $10 per pay period) up to the annual IRS limit ($22,500 in 2023). If you are at least age 50 or are within three years of the plan's "normal" retirement age, you may be able to save more with "catch-up" contributions (see below).

* Note: Only employees of the State of Hawai'i and County of Hawai'i Divisions can elect a contribution percentage. Employees of the County of Kaua'i, County of Maui, County of Hawai'i Water District, and Wai'alae Elementary Public Charter School must choose a dollar amount to contribute. If you exceed your annual limit, excess contributions will be returned to you and a 1099-R tax form will be sent to you in January of the following year.

Age 50+ Catch-Up*

If you are (or will be) at least 50 this year, you may contribute up to $7,500 above the standard limit ($22,500). This means that if you will be at least 50 by December 31, 2023, you can contribute up to $30,000 during the year.

Special 3-Year Catch-Up*

If you have not always contributed as much as allowed each year, starting three years before your "normal" retirement age you may be able to save up to twice the annual limit, or $45,000 in 2023, to make up for earlier years when you did not contribute the maximum. Using this rule takes advanced planning, so if you think you'll qualify, you should meet with your tax or legal advisor four to five years before retirement to discuss your plans.

* Important: You may not use both the Age 50+ Catch-Up and
Special 3-Year Catch-Up in the same year.


The Island $avings Plan offers a wide range of investments and services to enable every kind of investor to build and maintain a portfolio that meets their goals and needs. Go to Investments

In-service withdrawals

You may be able to take money from your account while an active employee in four ways:

  1. Rollover Withdrawal. You may withdraw money you rolled into your account at any time.
  2. Age 70½ withdrawal. If you are at least age 70½, you may withdraw some or all of your account balance at any time
  3. De minimis withdrawal. You can request a one-time withdrawal of whatever is in your account (basically you deplete it). It's all or nothing from your account if:
    • You have not contributed to your account for at least two years prior to the withdrawal date.
    • Your total account balance is $5,000 or less.
    • You have not withdrawn from your account previously.
  4. Unforeseeable Emergency Withdrawal (UEW). You can withdraw at least $100 or 100% of your account balance (whichever is less) to help cover the costs of a severe financial hardship due to:
  • A sudden, unexpected illness or accident experienced by you or a dependent.
  • Loss of your property due to casualty or similar extraordinary, unforeseeable circumstances beyond your control.

Important: You must exhaust all other outside loan and withdrawal possibilities before requesting a UEW. To request a UEW, download and submit an Unforeseeable Emergency Withdrawal Form.

Amounts withdrawn are subject to income taxes and plan restrictions. Neither Empower nor any of its affiliates provide tax or legal advice for which you should consult your qualified professional.

Options after employment ends

  • Keep your money in the plan. You can continue to take advantage of the Island $avings Plan’s benefits and services after leaving employment. Federal rules require that you must begin taking minimum distributions by a certain age, provided you are no longer working for the plan sponsor (employer). To learn more, you can contact a tax professional.
  • Take a partial or total (lump sum) distribution of your account balance.
  • Receive regular installment payments (systematic withdrawals) from your account.* This enables your remaining balance to continue to work for your future.
  • Roll over to another employer's retirement plan or an IRA.
  • Purchase an annuity with some or all of your account balance.

To request a distribution, log in to your account and select "Withdrawals," or call 888-71-ALOHA (888-712-5642). Participant Service Representatives are available Monday through Friday, 2:00 a.m. to 3:00 p.m. HST (daylight savings) or 3:00 a.m. to 4:00 p.m. HST (daylight savings ends). Important: Distributions may be subject to restrictions, taxes, and penalties. You should talk with your tax advisor or financial planner before deciding how to take a distribution. * In the event of your death, your beneficiary will receive the distribution(s).

Page: RO2694316-0123

The State of Hawaii Board of Trustees and the State Deferred Compensation Plan are not responsible for and do not have oversight over the content or materials on this website.

Retirement counselors are registered with Empower Financial Services, Inc., Member FINRAopens in new window/SIPCopens in new window. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC.

This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

Retirement products and services are provided by Empower Annuity Insurance Company, Hartford, CT, or its affiliates.

"EMPOWER" and all associated logos, and product names are trademarks of Empower Annuity Insurance Company of America.

©2023 Empower Retirement, LLC. All rights reserved.

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