Hawaii HB1082 modifies retirement eligibility for certain employees by reducing the required years of credited service for vested benefit status.

Hawaii HB1082 amends the Employees' Retirement System to reduce the minimum years of credited service required for certain employees to be eligible for vested benefit status. Specifically, it lowers the requirement from ten years to five years for employees who became members after June 30, 2012. The bill also adjusts employer contributions to offset the changes in vesting eligibility. This modification aims to assist state and county employers in recruiting and retaining qualified employees by reducing employee turnover and retaining employees longer.

Hawaii HB1082 modifies retirement eligibility for certain employees by reducing the required years of credited service for vested benefit status.

Hawaii HB1082 amends the Employees' Retirement System to reduce the minimum years of credited service required for certain employees to be eligible for vested benefit status. Specifically, it lowers the requirement from ten years to five years for employees who became members after June 30, 2012. The bill also adjusts employer contributions to offset the changes in vesting eligibility. This modification aims to assist state and county employers in recruiting and retaining qualified employees by reducing employee turnover and retaining employees longer.