HI SB1341

Establishes different ERS membership conditions, benefits, and requirements for employees hired before July 1, 2012 versus those hired after June 30, 2012, affecting employee contributions, service credit, vesting periods, retirement age, and post-retirement allowances

Increases employer contribution rates to the ERS beginning in fiscal year 2012-2013

Reduces the percentage of regular interest credited to new employee retirement accounts

Reduces the ERS investment yield assumption to 7.75 percent for the fiscal year ending June 30, 2011

Supported by the Department of Budget and Finance, ERS Board of Trustees, and City and County of Honolulu