Hawaii Revised Statutes 88-311 – Definitions
Terms Used In Hawaii Revised Statutes 88-311
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
The following words and phrases as used in this part shall have the following meanings, unless a different meaning is plainly required by the context:
“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. The actuarial present value shall be based on rates and tables recommended by the actuary and adopted by the board.
“Class A credited service” means credited service as a class A member, excluding any service converted to class H credited service pursuant to section 88-322(b).
“Class B credited service” means credited service as a class B member, excluding any service converted to class H credited service pursuant to section 88-322(b).
“Class C credited service” means credited service as a class C member, excluding any service converted to class H credited service pursuant to section 88-322(a).
“Class H credited service” means credited service as a class H member, including service described in § 88-323.
“Hypothetical account balance” means:
(1) For members who became members before July 1, 2012, the sum of:
(A) One and one-half times the sum of:
(i) Employee contributions made, either by the member or on behalf of the member, pursuant to § 88-325;
(ii) Accumulated interest at the regular interest rate on the employee contributions; and
(B) Any employee contributions, including rollovers and contributions used to convert credited service to class H credited service, or used to purchase service, and accumulated interest on the employee contributions at the regular interest rate; or
(2) For members who become members after June 30, 2012, the sum of:
(A) One and one-fifth times the sum of:
(i) Employee contributions made, either by the member or on behalf of the member, pursuant to § 88-325; and
(ii) Accumulated interest at the regular interest rate on the employee contributions; and
(B) Any employee contributions, including rollovers and contributions used to convert credited service to class H credited service, or used to purchase service, and accumulated interest on the employee contributions at the regular interest rate.