HI SB1269

Revises the method of computing Employees' Retirement System pension benefits for members hired after June 30, 2012, while maintaining the existing computation method for members hired before July 1, 2012.

Defines "compensation" for newly hired members to include only normal periodic payments, shortage differentials, elective salary reduction contributions, and twelve-month differentials for Department of Education employees.

Excludes from compensation additional or extra payments such as overtime, bonuses, supplementary payments, lump sum salary supplements, allowances, or differentials not expressly authorized in statute.

Addresses the unfunded liability of the Employees' Retirement System to improve its long-term viability.

Effective date changed to June 30, 2012, with references to "member" used instead of "employee" to align with existing statutory language.