Hotels, motels, restaurants, and seasonal businesses in Kailua-Kona must comply with Hawaii Retirement Savings or face penalties the state has not yet finalized. Don't wait — the deadline is Enforcing now.
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Yes. Hawaii Retirement Savings applies to all employers in Hawaii with 1+ employees. Hotels, motels, B&Bs, and restaurants in Kailua-Kona are subject to the same rules as any other employer — seasonal operation does not exempt you.
Not automatically. If you employ 1+ employees at any point during the year, you are subject to Hawaii Retirement Savings. Seasonal employers can use a SIMPLE IRA or 401(k) to qualify for the exemption — and can exclude employees who work fewer than 1,000 hours/year from the plan.
A SIMPLE IRA is typically the most cost-effective solution. Setup costs range from $500–$1,500 with a flat annual admin fee. This exempts you from Hawaii Retirement Savings and qualifies you for SECURE 2.0 federal tax credits worth up to $5,000/year for 3 years. Kandelaki Solutions handles the entire setup.
Yes. SECURE 2.0 Act tax credits are available to small businesses with fewer than 100 employees that start a new qualifying retirement plan (the full startup credit applies at 50 or fewer employees; it phases down from 51 to 100). Credits of up to $5,000/year for 3 years (plus up to $1,000 per employee in employer-contribution credits, which phase down over five years) are available regardless of whether your business is seasonal.
The current compliance deadline is: Enforcing now. Don't wait — penalty amounts for non-compliance have not yet been finalized by the state. Contact Kandelaki Solutions today for a free compliance audit.
Book a free 15-minute compliance audit. We'll show your exact requirement, your real exposure, and whether your own plan saves you money.