Bill
HB 1985
Overview: HB 1985 provides a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 in Hawaii. The bill h
Overview: HB 1985 provides a benefit increase to certain retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 in Hawaii. The bill has an effective date of June 6, 2024.
Purpose and Intent: The main purpose of this bill is to increase the retirement benefits for certain members of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 in Hawaii. This is intended to provide financial relief and support for these retirees.
Key Provisions:
- Provides a one-time, lump-sum benefit increase for eligible retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1
- The benefit increase is equal to 3% of the retiree's current monthly pension amount
- Eligibility is limited to retirees who have been receiving a pension for at least 5 years as of the effective date
Affected Parties and Impacts:
- Retirees of the public employees' retirement system plan 1 and the teachers' retirement system plan 1 who have been receiving a pension for at least 5 years will receive a 3% increase in their monthly pension amount
- This will provide financial relief and support for these retirees, helping to offset the impact of inflation and rising costs of living
Procedural and Timeline Considerations:
The bill has an effective date of June 6, 2024, at which point the one-time benefit increase will be implemented for eligible retirees. No further legislative action is required beyond the bill's passage and enactment.
Compiled from official sources — confirm details with the bill’s official record.
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