Requires private employers who provide pension plans to their employees to allow an employee who has vested to receive pension payments upon becoming disabled, regardless of age. Applies to new employees hired after the effective date of the Act.

A BILL FOR AN ACT

SECTION 1. Chapter 388, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§388-   Payment of pension upon disability. An employer that provides pension benefits to its employees shall ensure that an employee who has vested under the employer's pension plan shall be eligible for payment of pension benefits upon suffering disability, as defined in section 392-3, regardless of the employee's age."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval and shall apply to new employees hired on or after the effective date of the Act.