HI SB936

Extends benefit finalization period from six to seven calendar months for retirements with effective dates of December 31, while maintaining six-month period for retirements on the first day of the month.

Changes interest rate on late benefit finalizations from a fixed 4.5% per annum to a rate established by the board that shall not be less than the ninety-day U.S. Treasury bill rate plus one percent per year.

Allows the board of trustees to designate entities other than the medical board to conduct medical examinations and certifications for disability retirement and accidental death benefit determinations.

Extends deadline for employer payments of additional contributions under section 88-100 from one fiscal year to two fiscal years following the fiscal year of retirement.

Incrementally increases employer contribution rates to the Employees' Retirement System, reaching 41% for police officers, firefighters, and corrections officers and 24% for all other employees by fiscal year 2020-2021, to maintain a thirty-year amortization period for unfunded accrued liability.