Bill Text: HI SB1269 | 2011 | Regular Session | Amended
Bill Title: Employees' Retirement System; Calculation of Retirement Benefits
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2011-04-28 - (S) Conference committee meeting to reconvene on 04-29-11 11:00AM in conference room 325. [SB1269 Detail]
Download: Hawaii-2011-SB1269-Amended.html
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THE SENATE |
S.B. NO. |
1269 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE DEFINITION OF COMPENSATION FOR PURPOSES OF THE EMPLOYEES' RETIREMENT SYSTEM.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88‑21.5, Hawaii Revised Statutes, is amended to read as follows:
"§88‑21.5 Compensation. [Unless]
(a) For service before July 1, 2011, unless a different
meaning is plainly required by context, as used in this part, "compensation"
means normal periodic payments of money for service the right to which accrues
on a regular basis in proportion to the service performed; overtime,
differentials, and supplementary payments; bonuses and lump sum salary
supplements; and elective salary reduction contributions under [sections]
Sections 125, 403(b), and 457(b) of the Internal Revenue Code of
1986, as amended. Bonuses and lump sum salary supplements shall be deemed
earned when payable; provided that bonuses or lump sum salary supplements in
excess of one‑twelfth of compensation for the twelve months prior to
the month in which the bonus or lump sum salary supplement is payable,
exclusive of overtime, bonuses, and lump sum salary supplements, shall be
deemed earned:
(1) During the period agreed‑upon by the employer and employee, but in any event over a period of not less than twelve months; or
(2) In the absence of an agreement between the employer and the employee, over the twelve months prior to the date on which the bonus or lump sum salary supplement is payable.
(b) For service after June 30, 2011, unless a different meaning is plainly required by context, compensation to an employee or officer shall include:
(1) The normal periodic payments of money for services performed, the right to which accrues on an hourly, daily, monthly, or annual basis, and additional payments for any time worked that is required by the employer;
(2) Shortage differentials;
(3) Elective salary reduction contributions under Sections 125, 403(b), and 457(b) of the Internal Revenue Code of 1986, as amended; and
(4) Twelve-month differentials for employees of the department of education."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050; provided that with respect to individuals who became members of the employees' retirement system of the State of Hawaii before July 1, 2011, the member's benefits accrued up to June 30, 2011, shall not be diminished or impaired.
Report Title:
Employees' Retirement System; Calculation of Retirement Benefits
Description:
Establishes provisions for compensation to an employee or officer for Employees' Retirement System service after June 30, 2011. Effective July 1, 2050. (SB1269 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
