Bill Text: HI SB2691 | 2010 | Regular Session | Amended
Bill Title: Employees' Retirement System; Payment; Direct Deposit
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2010-05-11 - (H) Act 094, on 5/11/2010 (Gov. Msg. No. 308). [SB2691 Detail]
Download: Hawaii-2010-SB2691-Amended.html
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THE SENATE |
S.B. NO. |
2691 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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C.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE PAYMENT OF EMPLOYEES' RETIREMENT SYSTEM BENEFITS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88-6, Hawaii Revised Statutes, is amended by amending subsection (a) read as follows:
"(a) Notwithstanding any other provision of this chapter:
(1) All retirees and beneficiaries of the state
retirement system or county pension funds shall be paid semimonthly; [and
effective January 1, 2003, all] provided that:
(A) All retirees and beneficiaries of the state retirement system who either retire or become beneficiaries after January 1, 2003, shall be paid monthly; and
(B) Effective July 1, 2011, all retirees and beneficiaries of the state retirement system shall be paid monthly; provided that this subparagraph shall not apply to any retiree or beneficiary who:
(i) Became a retiree or beneficiary prior to January 1, 2003;
(ii) Is eighty years of age or older on January 1, 2011; and
(iii) Receives $800 or less of pension benefits each month; and
(2) Any [retirant] retiree or
beneficiary of the state retirement system whose benefit commences after
June 30, 2001, shall designate a financial institution account into which the
system shall be authorized to deposit their retirement benefit[.];
and effective April 1, 2011, all retirees and beneficiaries of the state
retirement system shall designate a financial institution account into which
the system shall be authorized to deposit their state retirement system benefits.
This method of payment may be waived by the system [if another method is
determined to be more appropriate]."
SECTION 2. The employees' retirement system of the State of Hawaii shall provide for the transition from semimonthly payments to monthly payments pursuant to this Act by adjusting the dates on which the semimonthly payments are made between January 2011 and June 2011.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on January 1, 2011.
Report Title:
Employees' Retirement System; Payment; Direct Deposit
Description:
Provides for the payment of state retirement system benefits on a monthly basis by direct deposit to a financial institution account; requires the transition period from semimonthly payments to monthly payments to be implemented over a six-month period beginning in January 2011 and ending in June 2011; and exempts the switch from semimonthly to monthly payments for those retirants and beneficiaries who retired or became a beneficiary prior to 1/1/03, is at least 80 years of age by 1/1/2011, and receives $800 or less of pension benefits each month. (CD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
