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HI HB1063
Bill
Status
1/25/2017
Primary Sponsor
Joseph Souki
Click for details
AI Summary
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Modifies Hawaii's Employees' Retirement System (ERS) to allow forfeiture of unclaimed member contributions and benefits to the system instead of eschewing under state unclaimed property laws.
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Members or former members whose benefits cannot be located by April 1 of the year following their required beginning date will have accumulated contributions, hypothetical account balances, and unpaid benefits forfeited to the system.
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Forfeited benefits can be restored if the member or former member applies to the system, though restored benefits receive no interest, earnings, or losses for the forfeiture period.
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Extends forfeiture provisions to retirees and beneficiaries who cannot be located after benefit payments have commenced, with the same restoration rights available.
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Effective date is July 1, 2050.
Legislative Description
Relating To The Employees' Retirement System.
Employees' Retirement System
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Holt, Souki excused (3).
2/16/2017