HI HB271

Expands the definition of "compensation" for employees' retirement system purposes to include overtime payments earned by essential workers during a specified period beginning March 1, 2020 (end date blank in bill text).

Creates separate compensation definitions for members who became members before July 1, 2012 versus those who became members after June 30, 2012, with the latter category having stricter limits on what qualifies as compensable earnings.

Appropriates funds from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to cover additional retirement system costs resulting from the expanded compensation definition (specific dollar amount blank in bill text).

Directs the employees' retirement system to expend appropriated funds for purposes of implementing the expanded compensation definition.

Takes effect on July 1, 2021.