Chapter 88 — Pension

PART I. GENERAL PROVISIONS A. Miscellaneous §88-1 Restrictions. The provisions of this section shall be applicable to every pension and to every recipient or beneficiary thereof, granted or provided for by any special act of the legislature (other than benefits, or the recipients…

§88-100 Payment by employers of costs associated with significant non-base pay increases. (a) The contribution payable in each year to the pension accumulation fund by the State and each county shall include the actuarial present value, as determined by the system, of the excess …

D. Administration; Financing §88-101 Payment of existing pensions. (a) The pensions of all teachers on the pension rolls of the retirement fund for pensioning retired teachers on January 1, 1926, shall be continued and paid from the pension accumulation fund at the rates at which…

§88-102 Classification of members. The board of trustees shall classify each member in one of the following groups: or in any other group that may be recommended by the actuary on the basis of service and mortality experience and approved by the board, to cover any part of any gr…

§88-103 Records. (a) The board of trustees shall keep a record of all its proceedings which record shall be open to public inspection. It shall publish annually a report showing in detail: (1) the fiscal transactions of the system for the year ending the preceding June 30, (2) th…

§88-104 Actuarial data. The board of trustees shall keep in convenient form such data as shall be necessary for actuarial valuation of the various funds of the system and for checking the experience of the system. [L 1925, c 55, §5(9); RL 1935, pt of §7924; RL 1945, pt of §707; R…

§88-105 Actuarial investigations, valuations. (a) At least once in each three-year period, commencing with fiscal year 2018-2019, the actuary shall make an actuarial investigation of the experience of the system and shall recommend to the board of trustees the adoption for actuar…

§88-106 Correction of errors. Should any change or error in records result in any member, retirant, or beneficiary receiving from the system more or less than the member, retirant, or beneficiary would have been entitled to receive had the records been correct, the board of trust…

§88-107 Interest. (a) The board of trustees shall annually allocate the interest and other earnings of the system to the funds of the system, as follows: (b) Beginning with actual investment earnings in fiscal year 1995 in excess of the investment yield rate, to address outstandi…

§88-108 Cash for meeting disbursements. For the purpose of meeting disbursements for retirement allowances, pensions, annuities and other payments, there may be kept available cash, not exceeding ten per cent of the total amount in the several funds of the system, on deposit in a…

§88-109 Funds of the system. The assets of the system are assigned to the following funds hereby created:

B. Pensioners' Bonus §88-11 Bonus; pensioners' special compensation; amounts available. Except as herein provided, every pension payable under the employees retirement system or payable pursuant to any law of the State, or by any county or independent public board or commission, …

§88-110 Board; trustees of funds. The board of trustees shall be trustees of the several funds of the system and may invest and reinvest such funds as authorized by this part and by law from time to time provided. Subject to the terms, conditions, limitations and restrictions of …

§88-111 Custodian of the funds. The State director of finance shall be the custodian of the several funds. All payment from the funds shall be made by the director of finance only upon vouchers signed by the chairperson and countersigned by such other person as may be designated …

§88-112 Annuity savings fund; annual statement. The annuity savings fund shall be comprised of the members' accumulated contributions, which beginning July 1, 1988, shall include any contributions made by the member to the post retirement fund. A member shall be mailed an annual …

§88-113 Payments from annuity savings fund. Any lump sum payment of a member's contributions shall be charged against the annuity savings fund. When a member retires, the member's accumulated contributions shall be transferred from the annuity savings fund to the pension accumula…

§88-114 Pension accumulation fund. The pension accumulation fund shall be the fund in which shall be accumulated all contributions made by the State and any county and all income from investments and from which shall be paid all benefits, including the bonus authorized under sect…

§88-115 REPEALED. L 1988, c 41, §8.

§88-116 Expense fund. The expense fund shall be the fund to which shall be credited all money to pay the administration expenses of the system, and from which shall be paid all the expenses necessary in connection with the administration and operation of the system. Biennially, t…

§88-119 Investments. Investments may be made in:

§88-119.5 Investment guidelines. Notwithstanding any other law to the contrary, real estate loans and mortgages made pursuant to section 88-119(1)(D) and (E) shall be in accordance with conditions and restrictions set forth by the board of trustees; provided that the board may es…

§88-12 Bonus; requirements, limitations. No retirement allowance or pension payable under the employees' retirement system shall be increased by any bonus for any retirant or beneficiary unless the person for whose service the pension is payable has had sufficient service to qual…

§88-120 Service charges. The board of trustees may pay out of any of the several funds held for investment, a reasonable amount to any person for servicing and handling of mortgages purchased by the board or for supplying investment advisory or consultative services; and to meet …

§88-121 Power to make agreements to protect securities on reorganization or otherwise. Anything in this part to the contrary notwithstanding, the board of trustees may enter into an agreement or agreements for the purpose of protecting the interests of the system in securities he…

§88-122 Determination of employer normal cost and accrued liability contributions. (a) Based on regular interest and such mortality and other tables as are adopted by the board of trustees, the actuary engaged by the board, on the basis of successive annual actuarial valuations, …

§88-123 Amount of annual contributions by the State and counties. The contribution payable in each year to the pension accumulation fund by the State and by each county shall be determined by allocating the sum of the normal cost and the accrued liability contribution for: in the…

§88-124 Payment of state contributions to the system. (a) The State shall pay to the various funds of the system the amounts payable by the State under this part. Payments shall be made: (b) The system shall determine the actual amount owed by the State under this part for each f…

§88-125 Contributions by certain state agencies. (a) Each of the departments and agencies hereinafter described, the office of Hawaiian affairs, and the Hawaii health systems corporation shall reimburse the State for the respective amounts payable by the State to cover the liabil…

§88-126 Payment of county contributions to the system. (a) Commencing with fiscal year 2005-2006, each of the counties shall make contributions in accordance with section 88-123. The amounts payable under this part by each county on account of its employees who are members of the…

§88-127 Guaranty. Regular interest charges payable, the creation and maintenance of reserves in the pension accumulation fund and the maintenance of annuity reserves and pension reserves as provided for the payment of all pensions, annuities, retirement allowances, refunds, and o…

§88-13 Bonus; retirants not eligible for. No bonus shall be paid to any person who retires on or after July 1, 1957, and who will receive or who is receiving social security benefits when said benefits are based in whole or in part upon contributions made by the State or any of i…

E. Special Benefits for Members in Military Service §88-131 Definitions. As used in sections 88-131 to 88-142: "Service in the armed forces": active service (1) in military service, as defined in section 88-132, or (2) in any other essential war service covered by the Servicemen'…

§88-133 Benefits and conditions applicable to service member. All service members shall by reason of their retention of membership in the system under the Servicemen's Act, have the status, be entitled to the benefits, and be subject to the conditions and limitations set forth in…

§88-134 Service retirement benefit. If a service member has terminated the service member's service with the armed forces and otherwise complies with the requirements of sections 88-73, 88-281, or 88-331, as applicable, the service member shall be entitled to a service retirement…

§88-135 Ordinary disability retirement benefit. If a service member terminates the service member's service in the armed forces and complies with and fulfills the requirements of sections 88-75, 88-284, or 88-334, as applicable, including and taking into consideration the service…

§88-136 Accidental disability benefit. Any member who has been incapacitated for duty by accident, act of war, or otherwise, occurring while the member is not in the service of the State or any county, shall not by reason of such incapacity be entitled to the accidental disabilit…

§88-137 Ordinary death benefit. If any service member dies, the service member shall be deemed to be on authorized leave without pay for the purposes of the ordinary death benefit provided in sections 88-84, 88-286(b), and 88-338. [L 1951, c 262, pt of §3; RL 1955, §6-116; HRS §8…

§88-138 Accidental death benefit. If a service member dies by accident, act of war, or other cause, occurring while the service member is not in the active service of the State or any county, the death shall not be an accidental death and shall not be eligible for accidental deat…

§88-139 Return of contributions. Any service member may resign from the system at any time, if the service member so chooses, and upon such resignation the service member shall be entitled to the return of the service member's accumulated contributions as provided in sections 88-…

§88-14 Bonus; authority to pay. The board of trustees of the employees' retirement system shall pay the bonus to pensioners under the system, except those pensioners under the system who are retired employees of the respective counties; the comptroller shall pay the bonus to all …

§88-140 Duration of service member's status. (a) An active member of the system who leaves active service of the State or any county for the purpose of entering the military service of the United States in time of war or declared national or state emergency, or is called involunt…

§88-141 Computation of compensation earned or earnable. In any case where it shall become necessary, for the purposes of sections 88-131 to 88-142, to determine the compensation or average compensation of a member of the system during any period of the member's service in the arm…

§88-142 Right of amendment or repeal reserved; retroactive effect. The provisions of sections 88-131 to 88-142 shall not be deemed to constitute a contract with any service member and the legislature reserves the right to amend or repeal the sections at any time as to any benefit…

§88-15 Bonus; waiver by veteran. Any veteran who may qualify for a nonservice-connected pension through the Department of Veterans Affairs may waive any portion or all of the benefits that the veteran may receive under sections 88-11 to 88-16. [L 1961, c 175, pt of §12; Supp, §6-…

PART III. POLICE OFFICERS, FIREFIGHTERS, AND BANDSMEN PENSION SYSTEM §88-151 Application. No member of the police force, fire department, or band who on May 2, 1927, was receiving a pension from the State shall be a beneficiary under this part. This part shall not apply to any po…

§88-152 Certain other employees included. Whenever used in this part the term "police force" includes among others, jailors, turnkeys, guards, matrons, lunas, and cooks employed in any county jail. This section shall apply only to county employees in service on December 31, 1927,…

§88-154 Officers of the board; duties. The county clerk shall ex officio be the secretary of the board of trustees and shall keep in a separate book a true and correct account of the proceedings of the board. The county attorney shall be the legal adviser of the board. The treasu…

§88-155 Medical board. Assisting the board of trustees there shall be a medical board to be composed of three licensed physicians, one of whom shall be the physician for the county, another of whom shall be appointed by the board of trustees, and the third of whom shall be named …

§88-156 Appropriations and expenditure. Annually the council of each county (or the city council in the case of the city and county of Honolulu) shall appropriate out of the general fund of the county the full amount required for each fiscal year to cover the payment of pensions …

§88-157 Use of donations, contributions, gifts, or bequests. All moneys received by the board of trustees as donations, contributions, gifts, or bequests to be used for the purposes set forth in this part shall be deposited into a special trust fund to be known as the "Police Off…