H.B. 935 Summary

• Amends Hawaii Revised Statutes Section 88-90 to modify post retirement allowances for new members of the Employees' Retirement System of the State of Hawaii.

• Establishes a new post retirement allowance structure for employees who become members after June 30, 2021, and their beneficiaries or survivors.

• Grants the board of trustees discretion to determine the amount of post retirement allowance for employees joining after June 30, 2021, rather than the fixed percentage rates (1.5% or 2.5%) applicable to earlier cohorts.

• Maintains existing post retirement allowance rates for current and previously established members: 1.5% for members hired after June 30, 2012, and 2.5% for members hired before that date.

• Takes effect on July 1, 2021.