HONG EXAMINER – July 2026
Monthly Newsletter of Hong Consulting, LLC.
Benchmarking Reports Due. The reporting deadline was Tuesday (6/30) for the benchmarking reports covering the 1/1/25 – 12/31/25 period. If you are still working on your benchmarking report and need more time, the City & County of Honolulu (C&C) does allow buildings to request a 60-day extension. You can find the extension request form here.
Hawaii Retirement Savings Program (HRSP). Something that may have flown under the radar of most small business owners in Hawaii is the creation of HRSP. Hawaii’s Acts 296 & 113 create a requirement for businesses in Hawaii to provide their own retirement plans for workers or enroll their employees in the Hawaii Retirement Savings Program. The goal of the program is to provide employees with an option to save for retirement and to increase the rate of retirement savings.
The State of Hawaii is projecting the Hawaiʻi Retirement Savings Program will launch in December 2026 but business owners should start planning now about whether they will participate or start their own retirement plans.[1] If you are interested in looking at retirement plans for your business, please reach out to me and I would be happy to help.
For more information on the Hawaii Retirement Savings Program (HRSP), please click on the following links:
If employers are required to participate and fail to do so once the Hawaii Retirement Savings Program is launched, they may face penalties. These penalties could be up to $5,000 per calendar year. Additionally, any eligible employee denied enrollment into the program may file a civil action against the employer for injunctive relief and the recovery of costs, including reasonable attorneys' fees. [2]
Loan Amortization. If you are in the process of securing a new loan for your AOAO, Hong Consulting would be happy to help draft loan pre-payment amounts and loan amortization schedules. Our accounting expertise makes us a good fit for this type of work. Using us also means that you don’t have to start your bookkeeping from scratch if a property manager leaves your association. You will be able to have access to the data no matter what happens with the property manager at an AOAO. If this service is of interest to you, please email us at adrianhong@hongconsultingllc.com.
[1] “Hawaiʻi Retirement Savings Program.” State of Hawaiʻi Department of Labor and Industrial Relations, labor.hawaii.gov/hrsp/. Accessed 26 June 2026.
[2] “Hawaiʻi Retirement Savings Program.” State of Hawaiʻi Department of Labor and Industrial Relations, labor.hawaii.gov/hrsp/. Accessed 26 June 2026.
