[§88E-9]  Investments.  The board may create a trust or other special funds for the segregation of funds or assets resulting from compensation deferred and for the administration of the plan.  Funds held by the board pursuant to a plan established under this chapter shall be invested in accordance with investment products permitted under the plan; provided that any investment contract entered into shall be made with companies authorized and licensed to do business in the State.  Investment products shall be limited to annuities, life insurance, savings accounts, mutual funds, or any combination thereof which shall have been reviewed and selected by the board after a competitive bidding process based on the specifications and considerations deemed appropriate by the board.  The investments shall not be construed to be a prohibited use of general assets of the State.  Nothing in this chapter shall be construed to permit any type of investment prohibited by law. [L Sp 1981 1st, c 7, pt of §1]

 

Attorney General Opinions

 

  Hawaii Public Procurement Code did not apply to board of trustees' current administrator and investment-product-provider contracts because they were entered into before Code's July 1, 1994 effective date.  The Code would apply to contracts entered into after that date if "public funds" are used to fund them.  Att. Gen. Op. 94-4.