Bill Text: HI HB1035 | 2011 | Regular Session | Amended
Bill Title: Employees' Retirement System; Moratorium on Benefit Enhancements
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2011-04-28 - (S) Act 029, 4/28/2011 (Gov. Msg. No. 1129). [HB1035 Detail]
Download: Hawaii-2011-HB1035-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1035 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO EMPLOYEES' RETIREMENT SYSTEM BENEFIT ENHANCEMENT MORATORIUM.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to assist the employees' retirement system in improving and protecting its funded status by placing a moratorium on the enhancement of benefits until the system's funded ratio is one hundred per cent. If future legislatures grant additional benefits (which include earlier retirements), the time it will take the employees' retirement system to become fully funded will be lengthened, perhaps significantly, depending upon the level of enhancements granted.
SECTION 2. Chapter 88, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:
"§88- Moratorium on benefit enhancements. There shall be no benefit enhancements under this chapter for any group of members, including any reduction of retirement age, until such time as the actuarial value of the system's assets is one hundred per cent of the system's actuarial accrued liability."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
Report Title:
Employees' Retirement System; Moratorium on Benefit Enhancements
Description:
Institutes a moratorium on the enhancement of Employees' Retirement System benefits until the system's funded ratio is one hundred per cent. (HB1035 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
