HI SB1158

Extends pre-July 1, 2012 retirement benefits to police officers who become ERS members after June 30, 2023, including lower contribution rates (12.2% vs. 14.2%) and more favorable retirement eligibility criteria.

Police officers becoming members after June 30, 2023 can retire at age 55 with 5 years of service or with 25 years of service regardless of age, matching pre-2012 member rules instead of the post-2012 requirement of age 60 with 10 years of service.

Adjusts compensation calculations for new police officer members to use three highest-paid years (excluding vacation) rather than five highest-paid years, matching pre-2012 member standards.

Modifies reemployment provisions to allow retired members to work without reenrollment as legislators under revised section references (88-73(e) instead of 88-73(d)).

Effective July 1, 2050, with provisions preserving amendments made by Act 278 (Session Laws of Hawaii 2022) to sections 88-45 and 88-74.