Hawaii Revised Statutes 88-113 – Payments from annuity savings fund
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Terms Used In Hawaii Revised Statutes 88-113
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Any lump sum payment of a member’s contributions shall be charged against the annuity savings fund. When a member retires, the member’s accumulated contributions shall be transferred from the annuity savings fund to the pension accumulation fund.