Report Title:
Employees' Retirement System; Pension Benefits; Cost of Living
Description:
Ties cost of living increases provided to pensioners by the employees' retirement system to the consumer price index for the Honolulu area.
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THE SENATE |
S.B. NO. |
2812 |
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TWENTY-THIRD LEGISLATURE, 2006 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the employees' retirement system.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88-90, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) After June 30, [1970,] 2006, the post retirement allowance shall consist of an amount equivalent to [two and one-half per cent] a percentage that is the equivalent of the percentage that the consumer price index for the Honolulu region, as prepared by the Bureau of Labor Statistics of the United States Department of Labor, increased over the previous calendar year 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,] 2006, as follows:
(1) To each person, who on June 30, [1970,] 2006, was receiving a post retirement allowance as described under subsection (a) hereof, payment of the benefit shall commence on July 1, [1970.] 2006; and
(2) To each person first receiving a pension, annuity or retirement allowance after December 31, [1968,] 2004, 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.
If the consumer price index for the Honolulu region, as prepared by the Bureau of Labor Statistics of the United States Department of Labor, decreases in a given calendar year, the post retirement allowance provided under this section shall not be adversely affected."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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