HI SB408

Increases the post retirement allowance from 2.5% to 3% of the original monthly pension, annuity, or retirement allowance for retirants who have been retired for at least ten years, effective July 1, 2009.

Amends Hawaii Revised Statutes section 88-90 by adding subsection (c) to establish the new 3% post retirement allowance rate for eligible long-term retirees.

Appropriates unspecified general revenue funds for fiscal years 2009-2010 and 2010-2011 to cover the cost of the post retirement allowance increases.

Directs the Employees' Retirement System to expend the appropriated funds for purposes of implementing the post retirement allowance increases.

Takes effect on July 1, 2009.