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Pension Info

Payment – Your first pension payment is issued approximately 4 weeks after your retirement date pending verification of your ‘close of business’ date (last day on the payroll) with your personnel office.   You will receive a monthly pension, which will be paid at the end of every month.

 2014 Pension payment dates -

Semi-monthly Only        All                                   
January 15 January 31
February 14 February 28
March 14 March 31
April 15 April 30
May 15 May 30
June 13 June 30
July 15 July 31
August 14 August 29
September 15 September 30
October 15 October 31
November 14 November 28
December 15 December 31

 

 

 

 

 

 

 

 

 

 

 

Final Pension Adjustment – Your estimated pension will be finalized following the receipt and review of your payroll/personnel records, your department’s audited report of any unused sick leave credits, and the amount of your vacation pay.  Your pension will be adjusted to an exact amount retroactive to your retirement date.

Effective January 1, 2004, ERS is required to pay 4½% interest per annum on pensions not finalized within 6 months after the retirement date.

Taxation of Benefits – Pension benefits are subject to Federal income taxes, but are not subject to Hawaii State income taxes. If you will be living outside of Hawaii, contact your state and local tax authorities for information on the tax treatment of your pension within that state.

Mailing Address Change – Mailing address changes should be reported in writing to ensure correct mailing of any correspondence, tax forms, and other information. Change forms are available at all ERS offices or on the ERS website.

Financial Institution Change – Financial institution changes (for the direct deposit of your pension payment) must also be requested in writing. Change forms are available at all ERS offices or on the ERS website.