HI HB2446

Authorizes voluntary severance benefits calculated at 5% of base salary per year of service (maximum 10 years, capped at 50% of annual salary) for public employees whose positions are abolished or affected by reduction-in-force or workforce restructuring including privatization.

Allows vested members of the Employees' Retirement System to elect a special early retirement benefit with relaxed age and service requirements (e.g., 10 years service at age 50, or 20 years service regardless of age) without actuarial reduction penalties normally applied to early retirement.

Employees may choose either the voluntary severance benefit or special retirement benefit in lieu of exercising reduction-in-force rights, but cannot combine them.

Applies to state executive branch (including University of Hawaii), and allows other jurisdictions (counties, Department of Education, judiciary, etc.) to opt into the program with legislative approval.

Requires repayment of benefits if employee returns to public service within two years; sunsets July 1, 2018.