Bill Text: HI SB590 | 2021 | Regular Session | Amended
Bill Title: Relating To The University Of Hawaii.
Spectrum: Strong Partisan Bill (Democrat 10-1)
Status: (Introduced - Dead) 2021-02-19 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM/JDC. [SB590 Detail]
Download: Hawaii-2021-SB590-Amended.html
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THE SENATE |
S.B. NO. |
590 |
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THIRTY-FIRST LEGISLATURE, 2021 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE UNIVERSITY OF HAWAII.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88-8, Hawaii Revised Statutes, is amended to read as follows:
"§88-8 University of Hawaii optional retirement system. (a)
Notwithstanding any other law to the contrary, the board of regents may
establish without regard to the public notice or public hearing requirements of
chapter 91, a retirement system separate from the state employees' retirement
system to provide retirement allowances and other benefits for University of
Hawaii employees who are:
(1) Members of
bargaining unit (7); [or]
(2) Other employees of
the University of Hawaii or the community college system who are excluded from
bargaining unit (7) pursuant to chapter 89[.]; or
(3) Athletic
coaches and assistant coaches employed by the University of Hawaii, who are
included in bargaining unit (8) pursuant to chapter 89 and hired on or after July
1, 2021.
(b)
The general administration and the responsibility for the proper
operation of the optional retirement system of the University of Hawaii shall
be vested in the board of regents. The
board of regents may manage the optional retirement system within the
University of Hawaii or contract for the management of the optional retirement
system. In fulfillment of its general
administrative responsibilities in establishing an optional retirement system, the
board of regents may utilize the following:
(1) State of Hawaii
deferred compensation plan authorized by section 457 of the Internal Revenue Code;
(2) Funds and plans
offered as part of the University of Hawaii's supplemental retirement savings
program authorized by section 403(b) of the Internal Revenue Code; or
(3) Any additional
companies or plan providers to provide annuity contracts, mutual fund accounts,
or similar investment products.
(c) The board of regents may establish vesting periods for the members of the optional retirement system of the University of Hawaii that are different from those established in this chapter.
(d) The board of regents may establish retirement allowances and other benefits for the optional retirement system of the University of Hawaii.
(e)
The employer's share of the cost of the optional retirement plan of the
optional retirement system of the University of Hawaii shall not exceed the
equivalent amount for any other group covered by this chapter.
(f)
Any member or former member of the state employees' retirement
system when the optional retirement system of the University of Hawaii is
established [who is also:
(1) A member of
bargaining unit (7); or
(2) Other employees
of the University of Hawaii or the community college system who are excluded
from bargaining unit (7) pursuant to chapter 89,
shall remain a member of the state employees'
retirement system unless the person elects in writing on a form prescribed by
the board of regents to terminate the person's membership. The form shall be submitted to the state
employees' retirement system no later than ninety days after the establishment
of the optional retirement system of the University of Hawaii.] shall not
be eligible for membership in the optional retirement system.
(g) Any person hired after the establishment of the optional retirement system of the University of Hawaii who is:
(1) A member of bargaining
unit (7); [or]
(2) Other employees of
the University of Hawaii or the community college system who are excluded from
bargaining unit (7) pursuant to chapter 89[,];
(3) An athletic
coach or assistant coach employed by the University of Hawaii, who is included in
bargaining unit (8) pursuant to chapter 89, and hired on or after July 1, 2021;
or
(4) Employees whose
eligibility in the optional retirement system of the University of Hawaii has
been authorized and prescribed by the rules of the board of regents,
shall elect to be a member of the state employees' retirement
system or the optional retirement system of the University of Hawaii. Upon an election the person may not transfer
from one system to the other.
(h)
Notwithstanding any other law to the contrary, retirement benefits for
the optional retirement system of the University of Hawaii shall be a subject
of collective bargaining negotiations for bargaining [unit] units
(7)[.] and (8)."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
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 31, 2050.
Report Title:
University of Hawaii; Optional Retirement System
Description:
Expands the membership eligibility for the University of Hawaii's optional retirement system to athletic coaches and assistant coaches who are employed by the University on or after July 1, 2021, and are included in bargaining unit (8). Allows the Board of Regents to utilize existing alternative surrogate retirement plans already offered by State or the University as an alternative. Allows the Board of Regents to adopt rules pertaining to eligibility in the optional retirement system. Prohibits members and former members of the ERS from opting into the optional retirement system. Allows the retirement benefits of the UH optional retirement system to be subject to collective bargaining negotiations for the bargaining units (7) and (8). Effective 7/31/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
