Report Title:

Public Employees Incentive Payout

 

Description:

Allows public employees with at least 20 years service to voluntarily retire early with a $25,000 incentive payment.

 

HOUSE OF REPRESENTATIVES

H.B. NO.

1342

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to public employees.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Any member of the employees' retirement system who has never been a retiree of the system shall be eligible for a one-time early retirement bonus under chapter 88, Hawaii Revised Statutes, of $25,000 upon election to retire, provided that:

(a) The member has at least twenty years of credited service as a contributory class A or class B member of a noncontributory class member as of December 31, 2001;

(b) The member files a formal application for retirement not less than thirty days nor more than ninety days prior to the effective date of retirement and retires by December 31, 2001; and

(c) The member shall forfeit any other benefit provided by chapter 88, Hawaii Revised Statutes, upon subsequent reentry into the employees' retirement system.

SECTION 2. (a) The mayor of the respective county, the board of education, the board of regents of the University of Hawaii, and the chief justice may exercise discretion with respect to participation in this program and shall transmit a list of participants to the board of trustees of the employees' retirement system by November 1, 2001.

(b) The department heads of the executive and legislative branches shall transmit a list of participants to the board of trustees of the employees' retirement system by November 1, 2001.

SECTION 3. The board of trustees of the employees' retirement system shall make payments with respect to all eligible employees who retire pursuant to this Act.

SECTION 4. There is appropriated out of the general revenues of the State of Hawaii the sum of $        , or so much thereof as may be necessary for fiscal year 2001-2002, for the one-time early retirement incentive payout provided in this Act.

SECTION 5. The sum appropriated shall be expended by the employees' retirement system for the purposes of this Act.

SECTION 6. This Act shall take effect on July 1, 2001.

INTRODUCED BY:

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