HAR §14-44-9. Catch-up provision

(a) A participant who will attain age fifty or more before the end of the calendar year shall be eligible to elect an additional amount of elective deferrals as established under the Code;provided that the additional amount is not made in the same year as elected under subsection (b). (b) During one or more of a participant's last three taxable years ending before the participant attains normal retirement age, as defined in section 14-44-23, a participant may be eligible to defer compensation in excess of the limitation under section 14-44-8(b) as follows: (1) The maximum amount of deferral for each taxable year of the catch-up period shall be the sum of the underutilized limitation under subsection (b) (2), but not more than the limits established under section 457 of the Code; 44-7 §14-44-9 (2) The underutilized limitation shall be computed by adding: (A) The maximum amount of deferral under section 14-44-8(b) for the taxable year; and (B) The amount which a participant could have deferred but did not defer (which is the maximum amount under section 14­ 44-8(b) less any amount previously deferred) in prior taxable years which the participant was eligible to participate in the plan or another eligible plan (within the meaning of section 457 of the Internal Revenue Code, 26 U.S.C. §457); and (3) A participant shall only be eligible to utilize the catch-up provision once, regardless of whether the participant fully utilizes the provision or rejoins the plan. (c) A participant shall not be eligible to utilize the catch-up provision under the plan if the participant has utilized a catch-up provision under another eligible plan. [Eff 5/12/83; am and comp OCT -7 2023 ] (Auth: HRS §88E-3) (Imp: HRS §88E-3) §14-44-10 Reduction in maximum amounts allowable. The maximum amounts allowable under sections 14-44-8(b) and 14-44-9 shall be reduced in accordance with regulations governing section 457 of the Internal Revenue Code, 26 U.S.C. §457, if a participant is deferring or has deferred compensation under another eligible plan or annuity plan under section 403(b) of the Internal Revenue Code, 26 U.S.C. §403 (b). [Eff 5/12/83; am and comp OCT -7 2023 ] (Auth: HRS §88E-3) (Imp: HRS §88E-3) 44-8 §14-44-13 §14-44-11 Responsibilities regarding maximum amounts. (a) It shall be the responsibility of a participant to furnish the administrator with all necessary information so that deferrals under the plan do not exceed the maximum amounts allowable under sections 14-44-8(b), 14-44-9, and 14-44-10. (b) A participant shall be responsible for any tax consequences which may arise as a result of deferrals under the plan which exceed the maximum amounts allowable under sections 14-44-8(b), 14-44-9, andf14-4~-10: [Eff 5/12/83; am and comp OCT - ] (Auth: HRS §88E-3) (Imp: HRS §88E-3) §14-44-12 Insufficient funds; suspension; reinstatement. (a) Whenever there are insufficient funds available to make the deferral designated in the participation agreement, the deferral shall not be made. (b) Deferrals shall automatically be suspended if there are insufficient funds available to make the designated deferral for six consecutive pay periods. (c) A participant whose deferrals have been suspended shall file a written request with the administrator to have deferrals reinstated on the same terms contained in the participation agreement prior to the suspension. However, if the desired reinstatement is to be on terms other than those contained in the participation agreement, a participant shall file an amended participation agreement, which shall be subj~ct to accep~ ce by the board. [Eff 5/12/83; comp ,y,- ., ?J?f ] (Auth: HRS §88E-3) (Imp: HRS §§88E-2, 88E-3)