Hawaii Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service The Hawaii Retirement Benefits Plan is a comprehensive pension program specifically designed to provide retirement benefits to employees in the state of Hawaii. It offers various types of retirement plans, ensuring financial security and stability for retirees. One of the main types is the Defined Benefit (DB) plan, which guarantees a specific retirement benefit based on factors such as years of service, final average salary, and specific benefit provisions. The DB plan aims to provide retirees with a steady income stream throughout their retirement years. Another type of retirement plan available is the Defined Contribution (DC) plan. In this plan, employees and employers contribute a set percentage of the employee's salary into an individual account. The account's growth depends on the investment performance of the selected funds, offering more flexibility and potential for individuals to actively manage their retirement savings. The Hawaii Retirement Benefits Plan also offers additional voluntary savings options, such as the Deferred Compensation Plan (DCP). This supplemental retirement savings plan allows employees to contribute a portion of their salary on a pre-tax basis, potentially reducing their taxable income while building additional retirement savings. Moreover, the Hawaii Retirement Benefits Plan provides retiree health benefits, ensuring access to quality healthcare services during retirement. These health benefits include coverage for medical, dental, and prescription drug expenses, helping retirees manage their healthcare costs effectively. Participating in the Hawaii Retirement Benefits Plan requires eligible employees to contribute a percentage of their salary towards their retirement account, with the state also contributing a portion. The specific contribution rates depend on various factors and are periodically adjusted to maintain the financial sustainability of the plan. In summary, the Hawaii Retirement Benefits Plan is a comprehensive retirement program offering various types of retirement plans such as Defined Benefit, Defined Contribution, and supplemental savings options like the Deferred Compensation Plan. It aims to provide financial security during retirement by guaranteeing a retirement benefit based on years of service and salary, as well as providing access to retiree health benefits.

The Hawaii Retirement Benefits Plan is a comprehensive pension program specifically designed to provide retirement benefits to employees in the state of Hawaii. It offers various types of retirement plans, ensuring financial security and stability for retirees. One of the main types is the Defined Benefit (DB) plan, which guarantees a specific retirement benefit based on factors such as years of service, final average salary, and specific benefit provisions. The DB plan aims to provide retirees with a steady income stream throughout their retirement years. Another type of retirement plan available is the Defined Contribution (DC) plan. In this plan, employees and employers contribute a set percentage of the employee's salary into an individual account. The account's growth depends on the investment performance of the selected funds, offering more flexibility and potential for individuals to actively manage their retirement savings. The Hawaii Retirement Benefits Plan also offers additional voluntary savings options, such as the Deferred Compensation Plan (DCP). This supplemental retirement savings plan allows employees to contribute a portion of their salary on a pre-tax basis, potentially reducing their taxable income while building additional retirement savings. Moreover, the Hawaii Retirement Benefits Plan provides retiree health benefits, ensuring access to quality healthcare services during retirement. These health benefits include coverage for medical, dental, and prescription drug expenses, helping retirees manage their healthcare costs effectively. Participating in the Hawaii Retirement Benefits Plan requires eligible employees to contribute a percentage of their salary towards their retirement account, with the state also contributing a portion. The specific contribution rates depend on various factors and are periodically adjusted to maintain the financial sustainability of the plan. In summary, the Hawaii Retirement Benefits Plan is a comprehensive retirement program offering various types of retirement plans such as Defined Benefit, Defined Contribution, and supplemental savings options like the Deferred Compensation Plan. It aims to provide financial security during retirement by guaranteeing a retirement benefit based on years of service and salary, as well as providing access to retiree health benefits.