§303-2 Contract for purchase of annuity or investment in custodial account. [1999 amendment effective January 1, 2000.] (a) The department of education and the University of Hawaii, on behalf of any employee of the respective institutions, may enter into a written agreement with any employee to purchase for the employee:

(1) An annuity contract from an insurer who holds a certificate of authority under section 431:3-201; or

(2) An annuity contract qualified under section 401(k) of the Internal Revenue Code of 1986, as amended, which provides a nationwide retirement trust for a group of college or university football coaches who, due to the nature of their jobs, change employers frequently.

(b) The University of Hawaii may pay amounts to a custodial account established on behalf of the employee pursuant to section 403(b)(7) of the Internal Revenue Code of 1986, as amended. [L 1967, c 40, pt of §1; HRS §303-2; am L 1993, c 77, §3; am L 1999, c 123, §2(3)]