[§88-90.5]  Actuarial assumptions.  Notwithstanding any provision in chapter 88 to the contrary, the board of trustees may approve the effect of the post retirement allowance under section 88-90, or of any other mandatory fixed scheduled increase in the benefits payable under part II, VII, or VIII, as an actuarial assumption for the purpose of determining the value of the options available under sections 88-83, 88-283, and 88-333. [L 2005, c 56, §2]

 

Note

 

  L 2005, c 56, §4 provides:

  "SECTION 4.  This Act [enacting section 88-90.5], upon its approval, shall take effect retroactive to December 1, 2004; provided that this Act shall not be applied so as to reduce the amount of any benefit payable under chapter 88, Hawaii Revised Statutes, to a member of the employees' retirement system retiring after November 30, 2004, but before August 1, 2005."