Establishes the Hawaii Retirement Savings Program, administered by the Hawaii Retirement Savings Board, in consultation with the Department of Labor and Industrial Relations and Department of Budget and Finance, to provide a state-facilitated payroll-deduction individual retirement savings plan to private sector employees who do not have access to employer-sponsored retirement savings plans beginning on an implementation date to be determined by the board. Authorizes an implementation and evaluation study, followed by an implementation strategy and timetable, prior to implementation of the program. Provides a state match of up to $500 to the accounts of the first 50,000 covered employees who participate in the program for twelve consecutive months after initial enrollment. (CD1)