Bill Text: HI HB1889 | 2012 | Regular Session | Introduced

Hawaii House Bill 1889 (Prior Session Legislation)

Introduced

Bill Title: Employees' Retirement System

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-19 - (H) Referred to LAB, FIN, referral sheet 2 [HB1889 Detail]

Download: Hawaii-2012-HB1889-Introduced.html

HOUSE OF REPRESENTATIVES	H.B. NO.	1889
TWENTY-SIXTH LEGISLATURE, 2012
STATE OF HAWAII

A BILL FOR AN ACT

Relating to the employees' retirement system.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 88-74, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:

"(g) If a member, who becomes a member after June 30, 2012, has credited service as a judge, the member's retirement allowance shall be computed on the following basis:

(1) For each year of credited service as a judge, three per cent of the member's average final compensation in addition to an annuity that is the actuarial equivalent of the member's accumulated contributions allocable to the period of service. If the member has not attained age sixty, the member's retirement allowance shall be computed as though the member had attained age sixty, reduced for age as provided in subsection (i); and

(2) For a judge with other credited service, as provided in subsection (f). If the member has not attained age sixty, the member's retirement allowance shall be computed as though the member had attained age sixty, reduced for age as provided in subsection (i); [~~and~~] or

(3) For a judge with credited service as an elective officer or as a legislative officer, as provided in subsection (h).

No allowance shall exceed seventy-five per cent of the member's average final compensation. If the allowance exceeds this limit, it shall be adjusted by reducing the annuity included in paragraph (1) and the portion of the accumulated contributions specified in paragraph (1) in excess of the requirements of the reduced annuity shall be returned to the member upon the member's retirement or paid to the member's designated beneficiary upon the member's death while in service or while on authorized leave without pay. The allowance for judges under this subsection, together with the retirement allowance provided by the federal government for similar service, shall in no case exceed seventy-five per cent of the member's average final compensation."

SECTION 2. Section 88-81, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:

"(f) If a member, who becomes a member after June 30, 2012, has credited service rendered as an elective officer or as a legislative officer, the member's average final compensation shall be computed separately for each category of service as follows:

(1) For the five highest paid years of credited service as an elective officer, or if the member has fewer than five years of credited service in that capacity, then the member's actual years of credited service;

(2) For the five highest paid years of credited service as a legislative officer, or if the member has fewer than five years of credited service in that capacity, then the member's actual years of credited service;

(3) For the five highest paid years of credited service as a judge, or if the member has fewer than [~~three~~] five years of credited service in that capacity, then the member's actual years of credited service; and

(4) For the five highest paid years of credited service not included in paragraph (1), (2), or (3), or if the member has fewer than five years of credited service in that capacity, then the member's actual years of credited service."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2012.

INTRODUCED BY:	_____________________________

Report Title:

Employees' Retirement System

Description:

Revises both the retirement allowance of persons who become members of the ERS after June 30, 2012, and who have credited service as judges as well as the average final compensation of persons who become members of the ERS after June 30, 2012, and who have credited service as elective officers or as legislative officers.

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