Adjusts employer contributions for normal cost and accrued liability for Hawaii's Employees' Retirement System.

This bill modifies the employer contributions for normal cost and accrued liability in Hawaii's Employees' Retirement System. It sets specific contribution rates for different fiscal years, affecting police officers, firefighters, corrections officers, and other employees. The rates vary from 15.75% to 44% of the member's compensation, depending on the fiscal year. The bill also allows for adjustments based on the actual period required to amortize the unfunded accrued liability, the presence of an unfunded accrued liability, or actuarial investigations.

Adjusts employer contributions for normal cost and accrued liability for Hawaii's Employees' Retirement System.

This bill modifies the employer contributions for normal cost and accrued liability in Hawaii's Employees' Retirement System. It sets specific contribution rates for different fiscal years, affecting police officers, firefighters, corrections officers, and other employees. The rates vary from 15.75% to 44% of the member's compensation, depending on the fiscal year. The bill also allows for adjustments based on the actual period required to amortize the unfunded accrued liability, the presence of an unfunded accrued liability, or actuarial investigations.