Reduces the minimum credited service years for Tier 2 members to be eligible for vested benefit status.

This bill amends Hawaii's Employees' Retirement System, reducing the minimum credited service years for Tier 2 members from ten to five years to be eligible for vested benefit status. It also adjusts the conditions under which former employees can withdraw their accumulated contributions and the criteria for receiving retirement allowances. The changes aim to assist state and county employers with recruitment and retention of qualified employees by reducing employee turnover and associated costs. The bill does not affect rights and duties that matured before its effective date.

Reduces the minimum credited service years for Tier 2 members to be eligible for vested benefit status.

This bill amends Hawaii's Employees' Retirement System, reducing the minimum credited service years for Tier 2 members from ten to five years to be eligible for vested benefit status. It also adjusts the conditions under which former employees can withdraw their accumulated contributions and the criteria for receiving retirement allowances. The changes aim to assist state and county employers with recruitment and retention of qualified employees by reducing employee turnover and associated costs. The bill does not affect rights and duties that matured before its effective date.