Terms Used In Hawaii Revised Statutes > Chapter 88 > Part VIII > MEMBERSHIP, CREDITED SERVICE

• 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. See Hawaii Revised Statutes 88-311
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Agency: means any executive department, independent commission, board, agency, authority, bureau, office, or other establishment of the state government (except the legislature and the judiciary), or any quasi-public institution which is supported in whole or in part by state funds. See Hawaii Revised Statutes 37-62
• Annual required contribution: means the State's required contribution to the employees' retirement system or Hawaii employer-union health benefits trust fund, as applicable, that is sufficient to cover:

  (1) The normal cost, which is the cost of other post-employment benefits attributable to the current year of service; and

  (2) An amortization payment, which is a catch-up payment for past service costs to fund the unfunded actuarial accrued liability over the next thirty years. See Hawaii Revised Statutes 37-62

• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bond categories: means types of bonds and includes general obligation bonds, reimbursable general obligation bonds, and revenue bonds. See Hawaii Revised Statutes 37-62
• Bond fund: means the fund used to account for the proceeds of bond issues and expenditures therefrom. See Hawaii Revised Statutes 37-62
• Bond receipts: means the proceeds from the issuance of governmental bonds. See Hawaii Revised Statutes 37-62
• capital investment: includes plan, land acquisition, design, construction, and equipment and furnishing. See Hawaii Revised Statutes 37-62
• Casual hire position: means an hourly-paid temporary position, the services of which are required intermittently. See Hawaii Revised Statutes 37-62
• Construction costs: means the costs involved in building and landscaping capital facilities, including any consultant or staff services required and built-in equipment. See Hawaii Revised Statutes 37-62
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Cost categories: means the major types of costs and includes research and development, capital investment, and operating. See Hawaii Revised Statutes 37-62
• Cost elements: means the major subdivisions of a cost category. See Hawaii Revised Statutes 37-62
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Crosswalk: means a reconciliation of the program structure with the structure used for accounting and/or appropriations. See Hawaii Revised Statutes 37-62
• Debt service: means interest and principal repayments on moneys borrowed. See Hawaii Revised Statutes 37-62
• Employee: means a person who is eligible to participate in the employees' retirement system of the State of Hawaii as defined in § 88-21. See Hawaii Revised Statutes 88E-1
• Ex officio: Literally, by virtue of one's office.
• Financing agreement: means any lease purchase agreement, installment sale agreement, loan agreement, line of credit, or any other agreement to finance the improvement, use, or acquisition of real or personal property that is or will be owned or operated by the State or any agency or to refinance any such previously executed financing agreement including certificates of participation relating thereto. See Hawaii Revised Statutes 37-62
• 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.
• Full cost: means the total cost of a program, system or capability, including research and development costs, capital investment costs, and operating costs. See Hawaii Revised Statutes 37-62
• Funded ratio: means the ratio of net assets to net liabilities of the employees' retirement system or Hawaii employer-union health benefits trust fund, as applicable, as determined by actuarial valuation. See Hawaii Revised Statutes 37-62
• Funding period: means the number of years in the future that will be required to fully fund the unfunded actuarial accrued liability of the employees' retirement system or Hawaii employer-union health benefits trust fund, as applicable, based upon actuarial assumptions and no assumed future actuarial gains or losses. See Hawaii Revised Statutes 37-62
• General fund: means the fund used to account for all transactions which are not accounted for in another fund. See Hawaii Revised Statutes 37-62
• General obligation bonds: means bonds, notes, or other instruments of indebtedness for the payment of the principal and interest of which the full faith and credit of the State are pledged. See Hawaii Revised Statutes 37-62
• 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}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease payments: means payments made by the State or any agency under any financing agreement. See Hawaii Revised Statutes 37-62
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Means of financing: means the various sources from which funds are available and includes the general fund, special fund, revolving fund, general obligation bonds, reimbursable general obligation bonds, revenue bonds, federal aid interstate highway fund, federal aid primary road fund, federal aid secondary road fund, federal aid urban fund, other federal funds, private contributions, county funds, trust funds, and other funds. See Hawaii Revised Statutes 37-62
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• operating: include personal services, current lease payments, other current expenses, equipment, and motor vehicles. See Hawaii Revised Statutes 37-62
• Operating costs: means recurring costs of operating, supporting and maintaining authorized programs, including costs for personnel salaries and wages, employee fringe benefits, lease payments, supplies, materials, equipment, and motor vehicles. See Hawaii Revised Statutes 37-62
• Planning: means that process by which government objectives are formulated; measures by which effectiveness in attaining the objectives are identified; alternatives by which objectives may be attained are determined; the full cost, effectiveness and benefit implications of each alternative are determined; the assumptions, risks and uncertainties of the future are clarified; and cost and effectiveness and benefit tradeoffs of the alternatives are identified. See Hawaii Revised Statutes 37-62
• Position: means a specific job, whether occupied or vacant, consisting of all duties and responsibilities assigned or delegated by competent authority, requiring the full- or part-time employment of one person. See Hawaii Revised Statutes 37-62
• Position ceiling: means the maximum number of permanent and temporary full-time equivalent positions that an expending agency is authorized for a particular program. See Hawaii Revised Statutes 37-62
• Program: means a combination of resources and activities designed to achieve an objective or objectives. See Hawaii Revised Statutes 37-62
• Program size: means the magnitude of a program, such as the number of persons serviced by the program, the amount of a commodity, the time delays, the volume of service in relation to population or area, etc. See Hawaii Revised Statutes 37-62
• Program structure: means a display of programs which are grouped in accordance with the objectives to be achieved, or the functions to be performed. See Hawaii Revised Statutes 37-62
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Resource categories: means types of resources and includes tax revenues, departmental earnings, and federal receipts. See Hawaii Revised Statutes 37-62
• Revenue bonds: means all bonds payable from the revenues, or user taxes, or any combination of both, of a public undertaking, improvement, system, or loan program and any loan made thereunder and secured as may be provided by law. See Hawaii Revised Statutes 37-62
• State: means the State of Hawaii. See Hawaii Revised Statutes 88E-1
• Tax revenues: means the amounts collected from compulsory charges, in the form of taxes, levied by the State for the purpose of financing services performed for the common public benefit. See Hawaii Revised Statutes 37-62
• Temporary position: means a position, the existence of which has a time limitation, or a position that is not otherwise a permanent position. See Hawaii Revised Statutes 37-62
• Trustee: A person or institution holding and administering property in trust.
• Unfunded actuarial accrued liability: means the portion of the actuarial accrued liability, including the present value of benefits presently being paid to retirees, that exceeds the value of current assets. See Hawaii Revised Statutes 37-62
• Vicing position: means a temporary position created to backfill for an incumbent who is on an extended period of authorized leave of absence. See Hawaii Revised Statutes 37-62