HB 1947 Summary

• Reduces the minimum years of credited service required for Tier 2 members (those who became members after June 30, 2012) to achieve vested benefit status from 10 years to 5 years for service retirement allowance purposes.

• Applies the reduced 5-year vesting requirement to Tier 2 members who are in service as of July 1, 2025, or who return to service after June 30, 2025.

• Modifies Hawaii Revised Statutes sections 88-62, 88-73, 88-96, 88-331, 88-338, and 88-341 to implement the vesting changes for regular members and class H members across various retirement scenarios.

• Appropriates funds from general revenues for fiscal year 2024-2025 for investments into the employees' retirement system (amount not specified in the bill).

• Takes effect July 1, 3000 (note: effective date appears to be placeholder text rather than actual implementation date).