§88-6 Payment of refunds and retirement benefits. (a) Notwithstanding any other provision of this chapter:
(1) All retirees and beneficiaries of the state retirement system or county pension funds shall be paid semimonthly; provided that:
(A) All retirees and beneficiaries of the state retirement system who either retire or become beneficiaries after January 1, 2003, shall be paid monthly; and
(B) Effective July 1, 2011, all retirees and beneficiaries of the state retirement system shall be paid monthly; provided that this subparagraph shall not apply to any retiree or beneficiary who:
(i) Became a retiree or beneficiary prior to January 1, 2003;
(ii) Is eighty years of age or older on January 1, 2011; and
(iii) Receives $800 or less of pension benefits each month; and
(2) Any retiree or beneficiary of the state retirement system whose benefit commences after June 30, 2001, shall designate a financial institution account into which the system shall be authorized to deposit their retirement benefit; and effective April 1, 2011, all retirees and beneficiaries of the state retirement system shall designate a financial institution account into which the system shall be authorized to deposit their state retirement system benefits. This method of payment may be waived by the system.
(b) Any member, former employee, retirant, or beneficiary to whom accumulated contributions or a hypothetical account balance, as defined in section 88-311, is payable after June 30, 2008, shall, if the payment will be greater than $250 and the member, former employee, retirant, or beneficiary does not elect to rollover the payment into an eligible retirement plan, designate a financial institution account into which the system shall be authorized to deposit the payment. This method of payment may be waived by the system if another method is determined to be more appropriate. [L 1967, c 98, §1; HRS §88-6; am L 1969, c 110, pt of §1; am L 2001, c 102, §1; am L 2002, c 128, §2; am L 2008, c 41, §2; am L 2010, c 94, §1]
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