Hawaii 2022 Regular Session

Hawaii House Bill HB935 Compare Versions

Only one version of the bill is available at this time.

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1	1	HOUSE OF REPRESENTATIVES H.B. NO. 935 THIRTY-FIRST LEGISLATURE, 2021 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:
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3	3	HOUSE OF REPRESENTATIVES H.B. NO. 935
4	4	THIRTY-FIRST LEGISLATURE, 2021
5	5	STATE OF HAWAII
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7	7	HOUSE OF REPRESENTATIVES
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9	9	H.B. NO.
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11	11	935
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13	13	THIRTY-FIRST LEGISLATURE, 2021
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17	17	STATE OF HAWAII
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31	31	A BILL FOR AN ACT
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37	37	RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.
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43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47	47	SECTION 1. This Act is necessary to prevent future increases to the unfunded actuarial accrued liability of the Employees' Retirement System of the State of Hawaii and to improve its funded status. SECTION 2. Section 88-90, Hawaii Revised Statutes, is amended to read as follows: "§88-90 Post retirement allowances. (a) There shall be payable to each person receiving any pension, annuity, or retirement allowance, a post retirement allowance [which] that shall consist of an amount equivalent to one and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed, approved, and paid. This benefit shall be added to the monthly pension, annuity, or retirement allowance on the first day of July in each year following June 30, 1961, as follows: (1) To each person receiving a pension, annuity, or retirement allowance on June 30, 1961, payment of the benefit shall commence on July 1, 1961, except that after June 30, 1963, the monthly benefits payable under this subsection shall be computed and paid on the basis of the number of years that has elapsed since the person entitled thereto first became the recipient of the pension, annuity, or retirement allowance from which the benefit is derived; and (2) To each person first receiving a pension, annuity, or retirement allowance after June 30, 1961, payment of the benefit shall commence on the first of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective. (b) After June 30, 1970, the post retirement allowance shall consist of an amount equivalent to two and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed and paid. This benefit shall be payable on the first day of July in each year following June 30, 1970, as follows: (1) To each person, who on June 30, 1970, was receiving a post retirement allowance as described under subsection (a) hereof, payment of the benefit shall commence on July 1, 1970; and (2) To each person first receiving a pension, annuity, or retirement allowance after December 31, 1968, payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective. (c) Notwithstanding subsections (a) and (b), for employees who become members after June 30, 2012, and for any person who receives a monthly pension, annuity, or retirement allowance as a beneficiary or survivor of the employee, the post retirement allowance shall consist of an amount equivalent to one and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed and paid. Payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective. (d) Notwithstanding subsections (a), (b), and (c), for employees who become members after June 30, 2021, and for any person who receives a monthly pension, annuity, or retirement allowance as a beneficiary or survivor of such employees, the post retirement allowance shall consist of an amount to be determined by, and at the discretion of, the board of trustees of the system. Payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective." SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 4. This Act, upon its approval, shall take effect on July 1, 2021. INTRODUCED BY: _____________________________ BY REQUEST
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49	49	SECTION 1. This Act is necessary to prevent future increases to the unfunded actuarial accrued liability of the Employees' Retirement System of the State of Hawaii and to improve its funded status.
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51	51	SECTION 2. Section 88-90, Hawaii Revised Statutes, is amended to read as follows:
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53	53	"§88-90 Post retirement allowances. (a) There shall be payable to each person receiving any pension, annuity, or retirement allowance, a post retirement allowance [which] that shall consist of an amount equivalent to one and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed, approved, and paid. This benefit shall be added to the monthly pension, annuity, or retirement allowance on the first day of July in each year following June 30, 1961, as follows:
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55	55	(1) To each person receiving a pension, annuity, or retirement allowance on June 30, 1961, payment of the benefit shall commence on July 1, 1961, except that after June 30, 1963, the monthly benefits payable under this subsection shall be computed and paid on the basis of the number of years that has elapsed since the person entitled thereto first became the recipient of the pension, annuity, or retirement allowance from which the benefit is derived; and
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57	57	(2) To each person first receiving a pension, annuity, or retirement allowance after June 30, 1961, payment of the benefit shall commence on the first of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective.
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59	59	(b) After June 30, 1970, the post retirement allowance shall consist of an amount equivalent to two and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed and paid. This benefit shall be payable on the first day of July in each year following June 30, 1970, as follows:
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61	61	(1) To each person, who on June 30, 1970, was receiving a post retirement allowance as described under subsection (a) hereof, payment of the benefit shall commence on July 1, 1970; and
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63	63	(2) To each person first receiving a pension, annuity, or retirement allowance after December 31, 1968, payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective.
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65	65	(c) Notwithstanding subsections (a) and (b), for employees who become members after June 30, 2012, and for any person who receives a monthly pension, annuity, or retirement allowance as a beneficiary or survivor of the employee, the post retirement allowance shall consist of an amount equivalent to one and one-half per cent of the monthly pension, annuity, or retirement allowance as originally computed and paid. Payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective.
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67	67	(d) Notwithstanding subsections (a), (b), and (c), for employees who become members after June 30, 2021, and for any person who receives a monthly pension, annuity, or retirement allowance as a beneficiary or survivor of such employees, the post retirement allowance shall consist of an amount to be determined by, and at the discretion of, the board of trustees of the system. Payment of the benefit shall commence on the first day of July following the calendar year in which the payment of the pension, annuity, or retirement allowance is effective."
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69	69	SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
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71	71	SECTION 4. This Act, upon its approval, shall take effect on July 1, 2021.
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75	75	INTRODUCED BY: _____________________________
76	76	BY REQUEST
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78	78	INTRODUCED BY:
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80	80	_____________________________
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84	84	BY REQUEST
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86	86	Report Title: Employees Retirement System; Post retirement allowances Description: Amends post retirement allowances for new employees. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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94	94	Employees Retirement System; Post retirement allowances
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98	98	Description:
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100	100	Amends post retirement allowances for new employees.
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108	108	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.