Bill Text: HI SB2252 | 2020 | Regular Session | Introduced

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Bill Title: Relating To The Employees' Retirement System.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-02-04 - The committee on LCA deferred the measure. [SB2252 Detail]

Download: Hawaii-2020-SB2252-Introduced.html

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THE SENATE	S.B. NO.	2252
THIRTIETH LEGISLATURE, 2020
STATE OF HAWAII

A BILL FOR AN ACT

 

 

relating to the employees' retirement system.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  The legislature finds that delayed delivery of benefits and forced payment by members to overcome the effect of any improper impairment or diminishment of benefits wrongly takes members' constitutionally protected property.  The purpose of this Act is to address the economic harm that occurs when members of the employees' retirement system do not timely receive the full economic benefit of the accrued benefits of membership.

     SECTION 2.  Section 661-8, Hawaii Revised Statutes, is amended to read as follows:

     "No interest shall be allowed on any claim up to the time of the rendition of judgment thereon by the court, unless upon a claim for losses resulting from non-payment or delayed payment of accrued benefits of membership in the employees' retirement system, or upon a contract expressly stipulating for the payment of interest, or upon a refund of a payment into the "litigated claims fund" as provided by law."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.

 

INTRODUCED BY:	_____________________________

 

 

Report Title:

Employees' Retirement System; Compensation

 

Description:

Amends the definition of compensation for retirement benefits.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.