HI SB929

Replaces the requirement that unclaimed member benefits be reported as abandoned property under Hawaii's escheat laws with a forfeiture provision allowing the Employees' Retirement System to retain unclaimed contributions and benefit payments.

Requires the system to attempt locating members or beneficiaries by April 1 of the year following when the obligation to pay accrues; if unsuccessful, accumulated contributions, hypothetical account balances, and benefits become forfeited to the system.

Permits restoration of forfeited benefits without interest, earnings, or losses if the member or beneficiary later files a proper application with the system.

Applies forfeiture provisions to three scenarios: members at required beginning date (age 70½ or service termination), former employees with separated service, and deceased former members' beneficiaries.

Becomes effective upon approval.