HI HB759

Amends Section 88-6 of Hawaii Revised Statutes to clarify definitions for financial institution accounts used for retirement system benefit payments.

Expands the definition of "financial institution account" to include individual accounts, joint accounts, and trust accounts where the retiree or beneficiary is a trustee.

Trust accounts must meet the definition of "trust account" under Section 560:6-101 of Hawaii law to be eligible for receiving retirement benefits.

Allows the state retirement system to deposit refunds and retirement benefits into these account types as designated by members, former employees, retirants, or beneficiaries.

Takes effect upon approval.