HB 628 Summary

• Caps maximum annual retirement allowances for Employees' Retirement System (ERS) members who first become members after December 31, 2019, at 75% of the governor's salary as last recommended by the executive salary commission at the time of retirement.

• Applies the cap to service retirement allowances, ordinary disability retirement allowances, and service-connected disability retirement allowances across all three ERS plans (contributory, non-contributory, and hybrid).

• Modifies Hawaii Revised Statutes sections 88-74, 88-76, 88-80, 88-282, 88-284, 88-285, 88-332, 88-335, and 88-337 to include the new retirement allowance cap.

• Excludes members who became members before January 1, 2020, from the cap, preserving existing benefit formulas for current and past members.

• Takes effect upon approval; does not affect rights, duties, or proceedings that occurred before the effective date.