REPORT TITLE:
Retirement


DESCRIPTION:
Adds an additional post retirement allowance after June 30, 2000.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
HOUSE OF REPRESENTATIVES                H.B. NO.97         
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
________________________________________________________________
________________________________________________________________


                   A  BILL  FOR  AN  ACT

RELATING TO PENSION AND RETIREMENT SYSTEMS.


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

 1      SECTION 1.  Section 88-90, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "§88-90  Post retirement allowances.(a)  There shall be
 
 4 payable to each person receiving any pension, annuity, or
 
 5 retirement allowance, a post retirement allowance which shall
 
 6 consist of an amount equivalent to one and one-half per cent of
 
 7 the monthly pension, annuity, or retirement allowance as
 
 8 originally computed, approved, and paid.  This benefit shall be
 
 9 added to the monthly pension, annuity, or retirement allowance on
 
10 the first day of July in each year following June 30, 1961, as
 
11 follows:
 
12      (1)  To each person receiving a pension, annuity, or
 
13           retirement allowance on June 30, 1961, payment of the
 
14           benefit shall commence on July 1, 1961, except that
 
15           after June 30, 1963, the monthly benefits payable under
 
16           this subsection shall be computed and paid on the basis
 
17           of the number of years that has elapsed since the
 
18           person entitled thereto first became the recipient of
 
19           the pension, annuity, or retirement allowance from
 
20           which the benefit is derived[.]; and
 

 
Page 2                                                     
                                     H.B. NO.           
                                                        
                                                        

 
 1      (2)  To each person first receiving a pension, annuity, or
 
 2           retirement allowance after June 30, 1961, payment of
 
 3           the benefit shall commence on the first of July
 
 4           following the calendar year in which the payment of the
 
 5           pension, annuity, or retirement allowance is effective.
 
 6      (b)  After June 30, 1970, the post retirement allowance
 
 7 shall consist of an amount equivalent to two and one-half per
 
 8 cent of the monthly pension, annuity, or retirement allowance as
 
 9 originally computed and paid.  This benefit shall be payable on
 
10 the first day of July in each year following June 30, 1970, as
 
11 follows:
 
12      (1)  To each person, who on June 30, 1970, was receiving a
 
13           post retirement allowance as described under subsection
 
14           (a) hereof, payment of the benefit shall commence on
 
15           July 1, 1970[.]; and
 
16      (2)  To each person first receiving a pension, annuity, or
 
17           retirement allowance after December 31, 1968, payment
 
18           of the benefit shall commence on the first day of July
 
19           following the calendar year in which the payment of the
 
20           pension, annuity, or retirement allowance is effective.
 
21      (c)  After June 30, 2000, an additional incremental post
 
22 retirement allowance consisting of the equivalent of six-tenths
 
23 of one per cent of the monthly pension, annuity, or retirement
 

 
Page 3                                                     
                                     H.B. NO.           
                                                        
                                                        

 
 1 allowance as originally computed and paid, multiplied by the
 
 2 number of years the retirant has been retired shall be payable.
 
 3 This benefit shall be calculated as of July 1 of each year that
 
 4 the increase is payable and shall be paid each July 1 to each
 
 5 retirant receiving a pension, annuity, or retirement allowance
 
 6 who has attained the age of sixty-five and retired with fifteen
 
 7 or more years of credited service.
 
 8      For purposes of this subsection, the requirement of fifteen
 
 9 or more years of credited service shall not apply in the case of
 
10 a member who retires with less than fifteen years of service
 
11 because of a service-connected disability or an ordinary
 
12 disability; and provided further that if the retirant had
 
13 retired, returned to service, and again retired, the latest
 
14 retirement date shall be considered as the date of retirement."
 
15      SECTION 2.  Statutory material to be repealed is bracketed.
 
16 New statutory material is underscored.
 
17      SECTION 3.  This Act shall take effect upon its approval.
 
18 
 
19                           INTRODUCED BY:  _______________________