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THE SENATE |
S.B. NO. |
2916 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
S.D. 1 |
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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 88-103.7, Hawaii Revised Statutes, is amended to read as follows:
"[[]§88-103.7[]]
Information from the State and counties. (a) To fulfill its
responsibilities under this chapter, the system [may] shall
require any department or agency of the State or counties to furnish
information to the system to carry out the purposes of this chapter. The
system [may] shall specify the format in which the information
shall be furnished. Without limitation of the foregoing, the system [may]
shall require that information be furnished in electronic format and
that information with respect to payroll and personnel transactions:
(1) Allocate payments, including bonuses, salary
adjustments, payments for compensatory time, and workers' compensation, to
monthly or other periods as requested by the system; [and]
(2) Specify the purpose or nature of the payment[.];
and
(3) Indicate any changes or errors in payments that require correcting or updating.
(b) All departments and agencies of the State or counties shall furnish the information required by the system pursuant to this section in the format required by the system.
(c) If a department or agency of the State or county fails to furnish the system with the information required pursuant to this section, the State or county shall pay to the system, on the first day of the following fiscal year in which the failure to furnish the required information occurred, an amount equal to the employer contributions payable by the State or county during the fiscal year in which the failure to furnish the required information occurred. This amount shall be applied to contributions required under section 88-124 for the State and section 88-126 for the counties.
(d) If full payment of the amount required under subsection (c) is not made by the State or county on the first day of the fiscal year, then:
(1) Any unpaid amounts shall bear interest at the rate equal to the investment yield rate assumption in effect for actuarial valuations of the system; and
(2) Any payments received by the system for the State or county, except for payments made pursuant to sections 88-46, 88-100, and 88-326, shall be applied first to accrued interest and then to the amount required to be paid under subsection (c)."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2016.
Report Title:
Employees' Retirement System; Payroll and Personnel Transactions
Description:
Requires, rather than allows, the employees' retirement system to require any department or agency of the State or counties to furnish to the system certain payroll and personnel transaction information, including any changes or errors in payments that require correcting or updating. Provides that if a department or agency fails to provide the information, the State or county is required to pay to the system, on the first day of the following fiscal year in which the failure occurred, an amount equal to the employer contributions payable by the State or county. Provides that if the required payment is not made on the first day of the fiscal year, any unpaid amounts shall bear interest and any subsequent payments shall be applied first to accrued interest and then to the required payment. Effective 07/01/16. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.