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THE SENATE |
S.B. NO. |
3000 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 1 |
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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. Chapter 88, Hawaii Revised Statutes, is amended by adding a new section to subpart C of part II to be appropriately designated and to read as follows:
"§88- Retirement benefit incentives for members separated from service. (a) Notwithstanding any other law to the contrary, an active member is eligible for a temporary retirement benefit incentive if:
(1) The member serves in a position that has been identified for layoff due to the consolidation or abolition of functions, or the privatization of the functions of the position; and
(2) The member is otherwise eligible for a service retirement as of the date of application for retirement.
(b) An active member who is eligible under subsection (a) for a retirement benefit incentive shall receive a retirement incentive of of one year of additional retirement credit for each year of service credit earned as of the date of retirement or separation from service pursuant to subsection (a)(1), up to a maximum of years of service credit as of the date of retirement."
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2016-2017 to pay for the retirement benefit incentive for members separated from service pursuant to this Act.
The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.
SECTION 4. New statutory material is underscored.
SECTION 5. This Act shall take effect on January 7, 2059, and shall be repealed on July 1, 2091.
Report Title:
ERS; Retirement Incentive for Members Separated From Service
Description:
Establishes a retirement benefit incentive for public employees, otherwise eligible to retire, whose positions are subject to layoff due to the consolidation or abolition of functions, or the privatization of the functions of the position. Appropriates funds. (SB3000 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.