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HOUSE OF REPRESENTATIVES

H.B. NO.

2462

TWENTY-FIRST LEGISLATURE, 2002

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.

 

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

SECTION 1. Section 88-21, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows:

""Compensation" or "annual compensation": the basic rate of pay for service performed in a particular position excluding all overtime, differentials, and supplementary pay; provided that this definition shall apply to any compensation paid after June 30, 2002."

SECTION 2. Section 88-261, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) The following words and phrases as used in this part shall have the same meanings as defined in section 88-21, unless a different meaning is plainly required by the context: "accumulated contributions"; "actuarial equivalent"; "average final compensation"; "beneficiary"; "compensation"; "county"; "employee"; "medical board"; "retirant"; "retirement allowance"; "service"; and "system"."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2002.

INTRODUCED BY:

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