Terms Used In Hawaii Revised Statutes > Chapter 37 > Part VI - Council On Revenues

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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. See Hawaii Revised Statutes 88-311

• State: means the State of Hawaii. See Hawaii Revised Statutes 88F-1
• Trustee: A person or institution holding and administering property in trust.