HI SB2916

Changes the Employees' Retirement System (ERS) authority from "may" to "shall" when requiring State and county departments and agencies to furnish payroll and personnel transaction information in specified formats.

Requires information to include allocation of payments to specific periods, specification of payment purpose or nature, and indication of any changes or errors requiring correction or updating.

Allows departments and agencies 180 days after receiving notice of format changes to update their information submission procedures to comply with new ERS requirements.

Imposes financial penalties on State or counties for non-compliance, requiring payment equal to the department or agency's employer contributions for the fiscal year of non-compliance, plus interest at the investment yield rate assumption if not paid by the first day of the following fiscal year.

Allows ERS to waive penalty requirements if non-compliance results from unforeseen system failures, natural disasters, or other unforeseen events, and requires annual reporting to the budget and finance department and legislature on non-compliant entities and penalty amounts.