HI SB1264

Amends Section 88-122, Hawaii Revised Statutes to establish a schedule of employer contribution rates to the Employees' Retirement System beginning in fiscal year 2012-2013.

Sets employer contribution rates for fiscal year 2012-2013 at 22% of member compensation for police officers, firefighters, and corrections officers, and 15.5% for all other employees.

Establishes escalating contribution rates for fiscal years 2013-2014 and 2014-2015, reaching 23% and 16% respectively for fiscal year 2013-2014, and 24% and 16.5% respectively for fiscal year 2014-2015.

Sets permanent contribution rates commencing fiscal year 2015-2016 at 25% of member compensation for police officers, firefighters, and corrections officers, and 17% for all other employees.

Takes effect on July 1, 2011.