SB1401 modifies Hawaii's Employees' Retirement System, reducing the years of credited service needed for vested benefit status for certain members.
SB1401 amends Hawaii's Employees' Retirement System by reducing the minimum years of credited service required for vested benefit status for certain members. Specifically, it lowers the requirement from ten years to five years for class H members who became members after June 30, 2012, and who are in service as of July 1, 2027, or who returned to service or became a member after June 30, 2027. The bill also adjusts employer contributions to offset the changes' financial impact.
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- Legal Framework
- Critical Issues
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