Terms Used In Hawaii Revised Statutes 88-45.5

• 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.
• compensation: as used in this part means:
  (A) Normal periodic payments of money for service the right to which accrues on a regular basis in proportion to the service performed;
  (B) Overtime, differentials, and supplementary payments;
  (C) Bonuses and lump sum salary supplements;
  (D) Elective salary reduction contributions under sections 125, 403(b), and 457(b) of the Internal Revenue Code of 1986, as amended; and
  (E) Retroactive payments of those purposes and nature authorized in subparagraphs (A) through (D), and certified as compensation pursuant to section 88-64;
  (2) Bonuses and lump sum salary supplements shall be deemed earned when payable; provided that bonuses or lump sum salary supplements in excess of one-twelfth of compensation for the twelve months before the month in which the bonus or lump sum salary supplement is payable, exclusive of overtime, bonuses, and lump sum salary supplements, shall be deemed earned:

  (A) During the period agreed-upon by the employer and employee, but in any event over a period of no less than twelvemonths; or

  (B) In the absence of an agreement between the employer and the employee, over the twelvemonths before the date on which the bonus or lump sum salary supplement is payable; and
  (3) Retroactive payments shall be deemed earned when it would have been earned, as determined by the system pursuant to section 88-64. See Hawaii Revised Statutes 88-21.5
• Contract: A legal written agreement that becomes binding when signed.