§346C-5 - Long-term care benefits fund. - Hawaii Statutes

     [§346C-5]  Long-term care benefits fund.  (a)  There is established in the state treasury the long-term care benefits fund, into which shall be deposited moneys collected as long-term care taxes.  The department of budget and finance shall deposit the moneys in federally insured financial institutions in Hawaii to preserve the balance and ensure a reasonable return under prevailing interest rates.  Investments of the moneys may be made subject to the requirements of this chapter.

     (b)  Expenditures from the fund shall be made solely for the purpose of making benefit payments and the cost of administration.

     (c)  Notwithstanding any law to the contrary, moneys in the fund shall not be transferred to another fund at any time nor for any purpose.

     (d)  Costs for the administration of the program shall be paid from moneys in the long-term care benefits fund as follows:

     (1)  Up to four per cent of the total monthly deposit into the fund to cover general administrative expenses; and

     (2)  Up to four per cent of the total monthly amount of claims paid out from the fund may be used to pay for administrative expenses related to claims processing. [L 2002, c 245, pt of §2]