H.B. 2727 - Peace Corps Service Credit

• Allows state and county employees who served in the Peace Corps to receive service credit toward Hawaii's state retirement and pension systems, with a maximum of four years of credit.

• Employees who became members after July 1, 2020, receive credit tiered by system tenure: up to two years with ten years of service, up to three years with twenty years of service, and up to four years with twenty-five years of service.

• Employees who became members before June 30, 2020, receive credit tiered differently: up to two years with eight years of service, up to three years with twenty years of service, and up to four years with twenty-five years of service.

• Current retirees who retired before July 1, 2020, with at least eight years of credited service may receive an increase of $36 per month for each year of Peace Corps service (up to four years), if claimed between July 1, 2020, and June 30, 2021.

• Peace Corps service credit for Class A and B members must be purchased at rates specified in statute, while Class C members receive credit at no cost; Class H members purchase credit at specified rates, with retirement allowances calculated according to their respective benefit formulas.