THE SENATE	S.B. NO.	2691
TWENTY-FIFTH LEGISLATURE, 2010		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO THE PAYMENT OF EMPLOYEES' RETIREMENT SYSTEM BENEFITS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Section 88-6, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

     "(a)  Notwithstanding any other provision of this chapter:

     (1)  All retirees and beneficiaries of the state retirement system or county pension funds shall be paid semimonthly; [and effective January 1, 2003,] provided that all retirees and beneficiaries of the state retirement system who either retire or become beneficiaries after January 1, 2003, shall be paid monthly; and

     (2)  Any [retirant] retiree or beneficiary of the state retirement system whose benefit commences after June 30, 2001, shall designate a financial institution account into which the system shall be authorized to deposit their retirement benefit[.]; and effective March 1, 2011, all retirees and beneficiaries of the state retirement system shall designate a financial institution account into which the system shall be authorized to deposit their state retirement system benefits.  This method of payment may be waived by the system [if another method is determined to be more appropriate]."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored. 

     SECTION 3.  This Act shall take effect on January 1, 2011.

Report Title:

Employees' Retirement System; Payment; Direct Deposit

Description:

Requires by March 1, 2011, all retirees and beneficiaries of the ERS to designate a financial institution account into which retirement benefit may be deposited.  (SD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.