Hawaii Loan Plan for Key Employees
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(Ten years of service makes you a vested member.) If you have at least 25 years of service, you qualify to retire early, at age 55, without paying any penalties.
MOST COMPETITIVE In addition to salary, which is an important part of the compensation package, an employee is eligible for a broad range of valuable benefits, such as comprehensive health care insurance, life insurance, retirement programs, sick leave, vacation leave and paid holidays.
The State Deferred Compensation Plan (or ?Plan?) is a voluntary retirement savings plan, governed by Internal Revenue Code section 457(b), that helps set aside your pre-tax contributions through payroll deductions for future retirement needs.
Participation in the PTS Plan is mandatory. Your contribution to this PTS Plan replaces your contribution to Social Security (however, a Medicare contribution is still required). Each pay period, 7.5% of your gross pay will be deducted from your paycheck in place of the 6.2% amount for Social Security.
What are the minimum requirements for service retirement? If you have at least 10 years of credited service AND you are age 62 or older when you leave your job, you can retire with full benefits. If you have at least 30 years of credited service AND you are age 55 or older, you can retire with full benefits.
Benefits overview Pension. ... Health benefits. ?Tax-deferred programs. ... Retirement, service and incentive awards. ... Workers' Compensation. ... Temporary Disability Insurance.
