Bill Text: HI HB749 | 2022 | Regular Session | Introduced
Bill Title: Relating To The Employees' Retirement System.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-12-10 - Carried over to 2022 Regular Session. [HB749 Detail]
Download: Hawaii-2022-HB749-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
749 |
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THIRTY-FIRST LEGISLATURE, 2021 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the employees' retirement system.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that events, including the coronavirus disease 2019 (COVID-19) pandemic that began in 2019, can have long-lasting financial and fiscal impacts on the State. With decreased tax revenues and economic activity, furloughs or mandatory pay reductions may be deemed necessary.
Accordingly, the purpose of this Act is to ensure that furloughs and pay reductions do not affect the base pay utilized in the calculation of retirement benefits for eligible employees.
SECTION 2. Section 88-21, Hawaii Revised Statutes, is amended by amending the definition of "base pay" to read as follows:
""Base
pay" means the normal periodic payments of money for service, the right to
which accrues on a regular basis in proportion to the service performed[;],
unreduced by any furloughs or mandatory pay reduction; recurring
differentials; and elective salary reduction contributions under sections 125,
403(b), and 457(b) of the Internal Revenue Code of 1986, as amended."
SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2021.
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INTRODUCED
BY: |
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Report Title:
Employees' Retirement System; Average Final Compensation; Base Pay; Furloughs; Pay Reduction
Description:
Adjusts the method of determining average final compensation by specifying that base pay shall not be reduced by furloughs or pay reductions.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
