HI HB2606

Establishes a temporary retirement benefit incentive for public employees whose positions are identified for layoff due to consolidation, abolition, or privatization of functions.

Eligible members must be active employees serving in positions targeted for layoff and otherwise eligible for service retirement at time of application.

Provides additional retirement credit equal to one-twelfth of one year for each year of service credit earned, capped at a maximum of three additional years.

Takes effect January 7, 2059 and repeals on July 1, 2018.