HB 1260 Summary

• Amends Hawaii Revised Statutes Section 88-74 to establish new retirement benefit rules for judges joining the Employees' Retirement System (ERS) after June 30, 2019.

• Reduces the retirement allowance for judges hired after June 30, 2019 from 3 percent to 2.25 percent of average final compensation per year of credited service as a judge.

• Maintains the 3 percent rate for judges who became ERS members before July 1, 2012, or between July 1, 2012 and June 30, 2019.

• Applies age reduction factors for judges under age 60 at retirement, computed as if they had attained age 60 then reduced proportionally by months below that age.

• Takes effect upon approval with no retroactive effect on rights, duties, or proceedings initiated before the bill's effective date.