HI SB649

Provides annual lump sum pension payments to state and county retirees who are at least 75 years old and have been retired for at least 20 years as of June 30, 2011.

Annual lump sum payment equals $1.00 for every month of every year of the retirant's credited service (e.g., a retiree with 30 years of service receives $360 annually).

Payments are effective beginning fiscal year 2009-2010 and continue annually thereafter.

Lump sum payments are not construed as increases to basic monthly pension or other post-retirement benefits under the retirement system.

Appropriates unspecified general revenue funds for fiscal years 2011-2012 and 2012-2013 to be expended by the employees' retirement system for these lump sum payments.