S.B. 1158 Summary

• Creates a new retirement tier for police officers becoming members after June 30, 2023, with benefits matching the pre-2012 tier rather than the post-2012 tier.

• Police officers in the new tier contribute 12.2% to the annuity savings fund (same as firefighters and other public safety personnel), with retirement eligibility at age 55 with 5 years of service or 25 years of service at any age.

• Calculates average final compensation for these police officers using the 3 highest-paid years (excluding vacation), same as members who joined before July 1, 2012.

• Applies unreduced retirement benefits and post-retirement allowance provisions consistent with pre-2012 members, and includes them in reemployment provisions for retirants.

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