Bill Text: HI HB2606 | 2016 | Regular Session | Amended
Bill Title: ERS; Retirement Incentive for Members Separated From Service
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Enrolled - Dead) 2016-04-27 - Conference Committee Meeting will reconvene on Friday 04-29-16 1:50PM in conference room 325. [HB2606 Detail]
Download: Hawaii-2016-HB2606-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2606 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
H.D. 2 |
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STATE OF HAWAII |
S.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) 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 one-twelfth 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 three years of service credit as of the date of retirement."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on January 7, 2059, and shall be repealed on July 1, 2018.
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 positions. Effective January 7, 2059. Sunsets on July 1, 2018. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
