Report Title:

ERS; Direct Deposits

 

Description:

Requires all new pension recipients to have their payments directly deposited into an account at a financial institution. (HB565 HD1)

 

HOUSE OF REPRESENTATIVES

H.B. NO.

565

TWENTY-FIRST LEGISLATURE, 2001

H.D. 1

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 88-6, Hawaii Revised Statutes, is amended to read as follows:

"88-6 Payment of retirement benefits. Notwithstanding any other provision of this chapter[, all]:

(1) All retirees and beneficiaries of the state retirement system or county pension funds shall be paid semimonthly[.]; and

(2) Any retiree or beneficiary whose benefit commences after June 30, 2001, shall designate a financial institution account into which the system shall be authorized to deposit their semimonthly retirement benefit. This method of payment may be waived by the system if another method is determined to be more appropriate."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2001.