SB2768 Summary

• Amends Act 263 (Session Laws of Hawaii 2016) to expand the definition of "alternate payee" under Hawaii Domestic Relations Orders to include former members with vested benefit status, in addition to spouses, former spouses, and retirants.

• Removes requirement that Hawaii domestic relations orders specify the "number of payments or period to which the order applies" from the list of required provisions.

• Revises payment provisions for alternate payees when domestic relations orders are received prior to member retirement, allowing benefits to be apportioned between the retirant and alternate payee based on the order terms rather than requiring actuarial conversion to an annuity.

• Repeals the July 1, 2018 effective date from Act 263 and establishes a new effective date of July 1, 2020 for the amendments.

• Appropriates funds from the Employees' Retirement System expense fund for fiscal year 2018-2019 to cover planning and implementation costs for this Act.