HB 759 Summary

• Amends Section 88-6 of Hawaii Revised Statutes to define "financial institution account" for retirement benefit payments to include individual accounts, joint accounts, and trust accounts where the retiree or beneficiary is a trustee.

• Allows the Employees' Retirement System to deposit retirement benefits and refunds into trust accounts that meet the definition of "trust account" under Section 560:6-101, expanding payment options beyond individual and joint accounts.

• Takes effect upon approval.