HI HB387

Provides police officers hired after June 30, 2023, with retirement benefits comparable to members hired before July 1, 2012, including earlier eligibility ages and service requirements.

Establishes police officers hired after June 30, 2023, can retire at age 55 with 5+ years of service or at any age with 25+ years of service, rather than the standard age 60 requirement for post-2012 members.

Sets police officer employee contributions at 12.2% of compensation for those hired after June 30, 2023, matching rates for members hired before July 1, 2012.

Allows county police officers hired after June 30, 2001, to maintain spouse health benefits by being treated as if employment began before July 1, 2001, for purposes of benefit plan eligibility.

Applies three highest-paid years calculation for average final compensation for police officers hired after June 30, 2023, rather than the five-year average required for other post-2012 members, and provides annual cost-of-living adjustments at 2.5% annually instead of 1.5%.