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