Hawaii Revised Statutes 88-322 – Conversion of previous credited service
Terms Used In Hawaii Revised Statutes 88-322
- Actuarial cost: means the actuarial present value, at the date of valuation, of the increase in the retirement allowance that would be attributable to the years of service being converted to class H credited service. See Hawaii Revised Statutes 88-311
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
provided that the member shall claim the forfeited service credit and the membership service credit by the date established by the board at a meeting held pursuant to chapter 92.
provided that the member shall claim the forfeited service credit and the membership service credit by the date established by the board at a meeting held pursuant to chapter 92.
The deductions from compensation or lump sum payment shall be paid to the system and shall be credited to the member’s individual account and become part of the member’s accumulated contributions. The deductions from compensation shall commence, and any lump sum payment shall be paid to the system, within one hundred eighty days after the deadline for making the election to convert class C credited service to class H credited service. If a member is absent from the State while in the military service of the United States during the one hundred eighty-day period after the deadline for making the election, the deductions from the member’s compensation shall commence, and any lump sum payment shall be made by the member, within one hundred eighty days after the member’s return to the member’s regular employment with the State or county; provided that any extension, pursuant to subsection (c), of the deadline for making the election to convert class C credited service to class H credited service shall not extend the time for the deductions from the member’s compensation to commence or for the member to make any lump sum payment unless the extension pursuant to subsection (c) is applicable to all members eligible to make the election. A member’s election to convert class C credited service to class H credited service shall be deemed revoked as to any service for which payments by deductions from compensation do not commence, or for which the lump sum payment is not made, within the time required by this subsection.