HI HB1041

Aligns Hawaii's Employees' Retirement System (Chapter 88, Hawaii Revised Statutes) with federal tax qualification requirements under the Internal Revenue Code of 1986, as amended by the SECURE 2.0 Act of 2022

Removes the fixed definition of "required beginning date" (previously April 1 following the year a member terminates service or reaches age 70½) and instead references the definition in federal tax law directly

Requires the retirement system to automatically pay service retirement benefits retroactive to the required beginning date with interest if a member fails to apply for benefits by that date

Updates provisions for Class H members returning to service, changing withdrawal timing for accumulated contributions from "age sixty-two" to compliance with sections 88-22.5 and 88-74.7

Effective date of July 1, 3000 (placeholder date indicating the bill requires further amendment before implementation)