Reduces the minimum credited service requirement for Tier 2 members of the Employees' Retirement System to five years.
This bill amends Hawaii's Employees' Retirement System to reduce the minimum number of years of credited service required for Tier 2 members to be eligible for vested benefit status from ten years to five years. Tier 2 members are those who became members after June 30, 2012. The bill also specifies conditions under which former members can return to service and the circumstances under which accumulated contributions are returned to former members. The changes are effective July 1, 2025.
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