HI SB2236

Amends Hawaii Revised Statutes Section 88-83(a) to clarify retirement allowance options for public employees, including options for maximum allowance, reduced allowance with insurance reserve, continued allowance to beneficiary, and lump sum contributions.

Corrects terminology in Option 3 to specify that if a beneficiary dies prior to the retirant, all further payments cease upon the death of the beneficiary (not the retirant).

Maintains five retirement allowance options that are actuarially equivalent to the maximum allowance, with Options 2-4 allowing continuation of benefits to designated natural person beneficiaries.

Requires Option 5 beneficiaries to receive the balance of accumulated contributions as a lump sum at retirement, limiting this option to members with at least ten years of credited service or those retiring for disability.

Takes effect July 1, 2018.