HB 387 Summary

• Creates special retirement benefits for police officers hired after June 30, 2023, modeling them after pre-2012 retirement rules including lower minimum age (55 instead of 60) and shorter vesting periods (5 years instead of 10).

• Allows county police officers hired after June 30, 2001 to be treated as if hired before July 1, 2001 for purposes of maintaining spousal health benefits under the health benefit plan.

• Sets police officer contribution rate at 12.2% of compensation to the annuity savings fund (compared to 14.2% for other public safety personnel hired after 2012).

• Calculates average final compensation for police officers hired after June 30, 2023 using the highest three years of service (excluding vacation pay) rather than the five-year period required for other employees hired after 2012.

• Effective date is July 1, 2023, with specified coordination regarding amendments made by Act 278, Session Laws of Hawaii 2022.