Report Title:

Employees' Retirement System

Description:

Authorizes the board of trustees of the Employees' Retirement System to set the amount of class A, B, and H employee contributions to the annuity savings fund of the Employees' Retirement System.

HOUSE OF REPRESENTATIVES	H.B. NO.	1853
TWENTY-FOURTH LEGISLATURE, 2007
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:

     SECTION 1.  Section 88-45, Hawaii Revised Statutes, is amended to read as follows:

     "§88-45  Employee contributions. (a)  After June 30, 1988, each class A and class B member shall contribute seven and eight-tenths per cent of the member's compensation to the annuity savings fund; provided that after June 30, 1989, all firefighters, police officers, corrections officers, investigators of the departments of the prosecuting attorney and of the attorney general, narcotics enforcement investigators, water safety officers not making the election under section 88-271, and public safety investigations staff investigators shall contribute twelve and two-tenths per cent of their compensation to the annuity savings fund for service in that capacity.

(b)  Notwithstanding any other law to the contrary, after June 30, 2007, the board of trustees shall determine the percentage of member's compensation that each class A and class B member shall contribute to the annuity savings fund to meet the obligations of the system."

     SECTION 2.  Section 88-325, Hawaii Revised Statutes, is amended to read as follows:

     "[[]§88-325[]]  Employee contributions. (a)  Each class H member shall contribute six per cent of the member's compensation to the annuity savings fund; provided that each sewer worker, water safety officer, and emergency medical technician who is a class H member shall contribute nine and seventy-five one-hundredths per cent of the member's compensation to the annuity savings fund for service in that capacity.

(b)  Notwithstanding any other law to the contrary, after June 30, 2007, the board of trustees shall determine the percentage of member's compensation that each class H member shall contribute to the annuity savings fund to meet the obligations of the system."

     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  Statutory material to be repealed is bracketed and stricken.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 1, 2007.

INTRODUCED BY:

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