reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 25 - WITHHOLDING OF FEDERAL INCOME TAXES FROM RETIREMENT ALLOWANCE PAYMENTS › Section 6-25-3 - Persons retired over one year

Current through June, 2024
Retirants continuously retired for more than one year
				  immediately preceding the filing of such consent shall indicate in the consent
				  the amount of monthly deductions to be made from their retirement
				  allowance.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 25 - WITHHOLDING OF FEDERAL INCOME TAXES FROM RETIREMENT ALLOWANCE PAYMENTS › Section 6-25-4 - Other retirants

Current through June, 2024
All other retirants may indicate in the consent the amount of
				  monthly deduction to be made from their retirement allowance, or may, in lieu
				  thereof, fill out Form W-4P described in §
									6-25-2(12) above,
				  indicating the number of exemptions claimed.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 25 - WITHHOLDING OF FEDERAL INCOME TAXES FROM RETIREMENT ALLOWANCE PAYMENTS › Section 6-25-5 - Filing deadlines

Current through June, 2024
Any change in the amount of monthly deductions shall be filed
				  with the system no later than the 20 
				  th of the month in order that such
				  change may be effected at the end of the following month.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 25 - WITHHOLDING OF FEDERAL INCOME TAXES FROM RETIREMENT ALLOWANCE PAYMENTS › Section 6-25-6 - Determination of amount of withholding taxes, W-4P

Current through June, 2024
On all requests for withholding of federal income taxes made
				  by filing the Form W-4P indicating the number of exemptions, the system shall
				  use the rates in the prevailing applicable withholding table provided by the
				  United States Internal Revenue Service.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 25 - WITHHOLDING OF FEDERAL INCOME TAXES FROM RETIREMENT ALLOWANCE PAYMENTS › Section 6-25-7 - Furnishing of W-2P statements and filing of such copies with District Director of Internal Revenue

Current through June, 2024
On or before January 31 of each year, the system shall
				  furnish to each retirant Form W-2P, a statement of the amount of taxes withheld
				  from the retirant's retirement allowance for the preceding calendar year in
				  accordance with existing federal income tax laws.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-1 - Application for retirement; person filing; when filed

Current through June, 2024
(a) An
				  application for service retirement shall be filed by the member.
(b) An application for ordinary disability
				  retirement or service-connected disability retirement shall be filed by the
				  member.
(c) Any application that a
				  member may file may be filed by the member's duly authorized, court-appointment
				  guardian or legal representative, in the event the member has been found to be
				  incapacitated as provided in chapter
				  560, article V, HRS.
(d) For the purpose of this chapter, an
				  application is filed when it is received by the system at its offices in
				  Honolulu, Kauai, Maui, or Hawaii.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-2 - Effective date of retirement

Current through June, 2024
The effective date of retirement shall be as
					 follows:
(1) Service retirement: the
				  date specified in the written application, which date shall not be less than
				  thirty days nor more than one hundred fifty days subsequent to the date of
				  filing. Retirement shall be effective on the first day of the month, except for
				  the month of December when retirement on the first or last day of the month
				  shall be allowed.
(2) Ordinary
				  disability retirement: no earlier than thirty days from the date the
				  application was filed or the date the member terminated service, whichever is
				  later. A member whose application is approved by the board while the member is
				  still in service may terminate service and retire at any time following the
				  approval; provided that retirement shall become effective on the first day of
				  the month following the month the member terminates employment or goes off the
				  payroll, except for the month of December when retirement on the first or last
				  day of the month shall be allowed.
(3) Service-connected disability retirement:
				  the date the application is filed with the system, if the applicant is off the
				  payroll as of that date. If an applicant who files an application for
				  service-connected disability retirement continues to work at the applicant's
				  regular job, or remains on the payroll by taking paid sick or vacation leave of
				  absence, the effective date of retirement shall be the date the applicant
				  terminates employment or goes off the payroll.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-3 - Contents of application

Current through June, 2024
(a) All
				  applications for retirement benefits shall contain the following information:
(1) The member's name, mailing address, and
				  social security number;
(2) The
				  date of the application;
(3) The
				  member's date of birth;
(4) The
				  name of the employing department;
(5) The position or job title held by the
				  member;
(6) The retirement
				  allowance option that the member elects under any of the plans for receiving
				  retirement allowances described in sections
				  88-74,
				  88-83,
				  88-282,
				  88-283,
				  88332, and
				  88-333,
				  HRS;
(7) The name, relationship,
				  social security number, and date of birth of any beneficiary designated to
				  receive the benefit payable upon the death of the member after
				  retirement;
(8) The duly notarized
				  signature of the member is required unless:
(A) The member executes the application in
				  the presence of a staff member who is authorized by the executive director of
				  the system to accept applications; or
(B) The application is for ordinary or
				  service-connected disability retirement and is filed by the member's duly
				  authorized and appointed guardian or legal representative, as provided in
				  section 6-26-1 (b) .
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-4 - Simultaneous filing of more than one application

Current through June, 2024
A member may file applications for different types of
					 retirement at the same time, subject to the following limitations:
(1) The effective date for retirement shall
				  be in accordance with rules governing the effective date for each
				  retirement;
(2) The retirement
				  allowance option and beneficiary shall be the same for all applications;
				  and
(3) The election of retirement
				  allowance option shall be irrevocable, notwithstanding the subsequent approval
				  of an application for ordinary disability retirement.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-5 - Election of retirement allowance option; change; irrevocability

Current through June, 2024
(a) A member may elect only one retirement
				  allowance option. The retirement allowance option elected by the member may be
				  changed to filing with the system's offices in Honolulu, Kauai, Maui, or
				  Hawaii, written notice of change no later than one business day before the
				  effective date of retirement. Any written notice of change sent by mail shall
				  not be effective unless it is received by the system no later than one business
				  day before the effective date of retirement.
(b) Every written notice of change shall
				  contain the duly notarized signature of the member, or the member may execute
				  the change in the presence of a staff member who is authorized by the
				  administrator of the system to accept changes. If a member does not select a
				  retirement allowance option before the member's effective date of retirement,
				  then the default retirement allowance option shall be the maximum allowance
				  option, and the beneficiary shall be the member's estate, if no beneficiary has
				  been designated on the application. Upon the effective date of retirement, the
				  retirement allowance option is irrevocable and cannot be changed.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-5.01 - Spousal or reciprocal beneficiary notification

Current through June, 2024
(a) No
				  election by a member of any retirement allowance option in accordance with
				  section
				  88-83,
				  88-283,
				  or
				  88-333,
				  HRS, shall take effect:
(1) Until the system
				  provides the spouse or reciprocal beneficiary of the member written
				  notification that:
(A) Specifies the
				  retirement date, the retirement allowance option selected, and the beneficiary
				  designated by the member; and
(B)
				  Provides information indicating the effect of the election;
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-6 - Designated beneficiary; when more than one

Current through June, 2024
If more than one beneficiary is designated to receive
					 benefits payable upon death, the applicant shall indicate the portion of the
					 benefits payable to each beneficiary and to whom benefits will be paid if the
					 beneficiary predeceases the applicant.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-7 - Disability application; medical evidence

Current through June, 2024
(a) The
				  applicant for ordinary and service-connected disability retirement shall have
				  the responsibility of furnishing all medical evidence available or which can be
				  made available to the applicant pertaining to the applicant's disability,
				  including reports of the applicant's personal physician and consultant
				  physicians, hospital and laboratory reports, and x-rays.
The applicant for service-connected disability retirement
					 shall also submit, on a form provided by the system, information concerning the
					 applicant's education, work experience, and medical history.
(b) If the application is for
				  service-connected disability retirement, the system shall obtain the following:
(1) A copy of the employer's report of the
				  accident submitted by the employer to the department of labor and industrial
				  relations, disability compensation division, and any other report of or to the
				  disability compensation division, including medical reports, relating to the
				  accident;
(2) A certified statement
				  from the head of the department in which the applicant is employed, stating the
				  date, time, and place of the accident, and the nature of the service being
				  performed when the accident occurred. The statement shall also include an
				  opinion as to whether or not the accident resulted in the applicant's
				  disability and whether or not the disability was the result of willful
				  negligence on the applicant's part;
(3) A copy of the latest position description
				  of the applicant's duties and responsibilities; and
(4) A release form signed by the applicant
				  which enables the system to obtain any medical and worker's compensation
				  reports.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 1 - APPLICATION FOR RETIREMENT BENEFITS › Section 6-26-8 - Application for three-year evaluation; calculation of benefits; cancellation of request for evaluation

Current through June, 2024
(a) A member who
				  has been retired on service-connected occupational disability retirement for
				  accidents occurring before July 7, 1998 shall be notified in writing at least
				  ninety days before the expiration of three years from the effective date of
				  retirement that the member is entitled to be evaluated by the medical board to
				  determine whether the member has become totally incapacitated for gainful
				  employment as a result of the member's service-connected injuries or job
				  hazard. The member shall notify the system whether the member desires to be
				  evaluated by submitting a written request for evaluation. The written request
				  for evaluation shall be submitted no earlier than the date of the notice from
				  the system that the member is entitled to be evaluated by the medical board and
				  no later than the expiration of three years from the effective date of
				  retirement. The member shall submit new medical evidence in support of the
				  member's claim of total disability.
(1) After
				  review by the medical board, if the board determines that the member is totally
				  incapacitated for gainful employment as a result of the member's
				  service-connected injuries or job hazard, the board shall award the member a
				  service-connected disability benefit consisting of an annuity plus a pension of
				  sixty-six and two-thirds per cent of the member's average final
				  compensation;
(2) After review by
				  the medical board, if the board determines that the member is not totally
				  incapacitated for gainful employment as a result of the member's
				  service-connected injuries or job hazard, the member's benefit after the
				  completion of three years from the date of retirement shall be the member's
				  annuity plus a pension of thirty-three and one-third per cent of the member's
				  average final compensation.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 2 - PROOF OF AGE › Section 6-26-9 - Purpose and scope

Current through June, 2024
The purpose of this subchapter is to implement section
					 88-44, HRS, which
					 provides that a member shall present at that time and in the manner as the
					 board prescribes, evidence of the member's date of birth. This subchapter shall
					 also apply to evidence of the date of birth of a member's beneficiary when the
					 age of the beneficiary is a factor in the computation of any benefit or
					 allowance payable to the member in the beneficiary under any of the retirement
					 options described in sections
					 88-74,
					 88-83,
					 88-282,
					 88-283,
					 88-332,
					 and
					 88-333,
					 HRS.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 2 - PROOF OF AGE › Section 6-26-10 - When submitted

Current through June, 2024
(a) A member shall
				  submit evidence establishing the member's date of birth upon filing an
				  application for retirement. At the request of the system, a member shall also
				  present evidence of the date of birth of the member's beneficiary, whenever the
				  age of the beneficiary is of significance, in computing the allowance or
				  benefit payable to the member and to the beneficiary. At the request of the
				  system, a beneficiary shall present evidence of the beneficiary's date of birth
				  whenever the age of the beneficiary is of significance in computing any benefit
				  to the beneficiary.
(b) Evidence of
				  the member's date of birth may be submitted prior to the filing of any
				  application for retirement. If such evidence is accepted by the system as
				  establishing the date of birth, it need not be presented again when the
				  application for retirement is filed.
(c) No retirement allowance or benefit shall
				  be paid until evidence which satisfactorily establishes date of birth is
				  submitted to the system.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 2 - PROOF OF AGE › Section 6-26-11 - Original documents of record; copies

Current through June, 2024
All documents or records presented as evidence of date of
					 birth shall be originals, copies certified by the custodian of the record, or
					 duplicates thereof, noted in section 6-26-12. If duplicates are submitted, the
					 system may at its discretion, require that originals or copies certified by the
					 custodian of record be presented or made available for inspection.
All original documents except documents addressed to the
					 system shall be returned after the system has made copies thereof.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 2 - PROOF OF AGE › Section 6-26-12 - Types of evidence

Current through June, 2024
(a) The member
				  shall submit one of the following as evidence of date of birth:
(1) A certified birth certificate;
(2) An baptismal certificate which shows the
				  date of birth and was recorded before age five; or
(3) A written statement from the Social
				  Security Administration establishing the member's date of birth; or
(4) Valid "Real ID" credentials (e.g.,
				  driver's licenses with "Gold Star" emblems or equivalent state identification
				  certificates).
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 3 - COMPUTATION OF AGE › Section 6-26-13 - Computation of age to determine the actuarial equivalence of the maximum allowance

Current through June, 2024
(a) The member's
				  age nearest a full year shall be used to determine the actuarial factors to be
				  applied in determining the actuarial factors to be applied in determining the
				  actuarial equivalence of the maximum allowance under any of the retirement
				  allowance options described in sections
				  88-83,
				  88-283,
				  and 88333, HRS. In computing the nearest full year of age of a member, any
				  fraction of six full months or more shall be considered as the next older year
				  of age.
Example A:
Date of retirement
2027 - 7 - 1
Date of birth
1965 - 12 - 31
Actual age
61 - 6 - 0
Nearest age
62
Example B:
Date of retirement
2027 - 6 - 1
Date of birth
1965 - 12 - 12
Actual age
61 - 5 - 19
Nearest age
61
(b) The method of computing age prescribed in
				  this section shall apply to a beneficiary when the age of the beneficiary is a
				  factor in the computation of any benefit payable to the member and the
				  beneficiary.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 3 - COMPUTATION OF AGE › Section 6-26-15 - Computation of age to determine the age reduction penalty

Current through June, 2024
(a) The member's age nearest the year and
				  full months shall be used to determine the factors of actuarial equivalence to
				  be applied in reducing the member's retirement allowance if the member has not
				  reached the prescribed retirement age.
(b) In computing the nearest years and full
				  months of age of a member, any fraction of fifteen or more days shall be
				  considered as the next older month of age.
Example A:
Date of retirement
2027 - 6 - 1
Date of birth
1972 - 6 - 16
Actual age
54 - 11 - 15
Nearest age
55 - 0
Example B:
Date of retirement
2027 - 6 - 1
Date of birth
1972 - 6 - 17
Actual age
54 - 11 - 14
Nearest age
54 - 11
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 3 - COMPUTATION OF AGE › Section 6-26-16 - Computation of age to determine the member's age on the date of retirement

Current through June, 2024
The member's actual age in full years shall be used to
					 determine the member's attained age on the date of retirement and shall be the
					 member's age if the member's age is required to meet the retirement eligibility
					 prerequisites under parts II, VII, and VIII of chapter
					 88, HRS.
Example A:
Date of retirement
2027 - 7 - 1
Date of birth
1965 - 12 - 31
Actual age
61 - 6 - 0
Nearest age
61
Example B:
Date of retirement
2027 - 12 - 31
Date of birth
1973 - 1 - 1
Actual age
54 - 11 - 30
Nearest age
54
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 26 - APPLICATION FOR RETIREMENT BENEFITS; PROOF OF AGE AND COMPUTATION OF AGE › Subchapter 3 - COMPUTATION OF AGE › Section 6-26-17 - Thirty-day month

Current through June, 2024
For the purposes of this subchapter, each month will be
					 deemed to have thirty days.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-2 - Definitions

Current through June, 2024
As used in this chapter:
"Active member" means a member who is an employee within the
				  meaning of section
				  88-21, Hawaii Revised
				  Statutes, and does not include a member who ceases to be an employee,
				  notwithstanding the member's establishment of vested benefit status provided in
				  sections
				  88-96
				  and
				  88-281, Hawaii
				  Revised Statutes.
"Board" or "board of trustees" means the board of trustees of
				  the system.
"Borrower" means the person who signs the note evidencing the
				  loan and the mortgage securing it.
"Eligible member" means a person who meets the eligibility
				  requirements of section
				  6-27-6.
"Home improvement" means an addition made to the property and
				  shall not include renovations, maintenance, repairs, or replacement of
				  furniture, fixtures, or appliances.
"Leasehold conversion loan" means:
(1) To purchase the fee simple interest where there is an
				  existing first leasehold mortgage loan:
(2) To satisfy an agreement of sale for the purchase of the
				  fee simple interest where there is an existing first leasehold mortgage loan;
				  or
(3) To refinance a loan made for the purchase of the fee
				  simple interest where there is an existing first leasehold mortgage loan.
"Lender" means a financial institution which may by law make
				  loans secured by first or second mortgages on real estate and which
				  participates in the member home loan program under an agreement with the
				  system.
"Loan" or "member home loan" means a loan made under the
				  member home loan program.
"Member" means an active member or retirant.
"Program" means the member home loan program.
"Retirant" means a member who has retired and becomes a
				  beneficiary of the system and includes an elective officer or judge who
				  terminates membership in the system as provided in section
				  88-61(c),
				  Hawaii Revised Statutes.
"System" means the employees' retirement system of the State
				  of Hawaii.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-3 - Purpose of program

Current through June, 2024
The purpose of the home loan program is to facilitate
				  investment of system funds in a well-secured, prudent, and historically sound
				  investment vehicle, and at the same time to assist eligible members of the
				  system in the purchase, construction, or improvement of a principal home, the
				  purchase of leasehold land on which existing homes are located, and in
				  refinancing certain mortgage loans.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-4 - Operation of program; in general

Current through June, 2024
(a) Periodically,
				the board of trustees of the system may allocate as part of its overall
				investment program, and under the limitations as are set forth in section
				88-119(1),
				Hawaii Revised Statutes, a portion of its investment funds for investment in
				the member home loan program. Funds so allocated shall be further allocated to
				participating financial institutions.
(b) Members of the system desiring a member
				home loan shall apply to a participating financial institution for a member
				home loan. A participating financial institution shall not accept a loan
				application from a member unless the participating financial institution has an
				office on the island which the member is residing.
(c) The participating financial institution
				shall:
(1) Apply to the system for
				certification of the applicant's eligibility for a loan;
(2) Ensure the purpose for which the loan is
				sought is an eligible purpose under this chapter;
(3) Determine the applicants'
				creditworthiness;
(4) Make the loan
				in its own name as lender;
(5)
				Forward the note, mortgage and the documentation as shall be required by the
				system to the system for its approval.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-5 - Purpose of loan

Current through June, 2024
Member home loans shall be made for the following verified
				  purposes only:
(1) To purchase,
				construct, or improve a principal home;
(2) To satisfy an outstanding agreement of
				sale to buy a principal home;
(3)
				To convert a construction loan not made under the program for the construction
				of a principal home or home improvement loan to a permanent member home
				loan;
(4) To purchase the fee
				simple interest in a principal home situated on leasehold land;
(5) To refinance an existing first mortgage
				loan which was not made under the program;
(6) To refinance an existing member home loan
				if the purpose is to finance proposed or prospective home improvements
				amounting to at least the minimum loan amount set by the board of trustees or
				to purchase the leasehold property in fee;
(7) To refinance an existing second mortgage
				loan not made under the program and convert it to a first mortgage member home
				loan if the second mortgage loan was made for the purpose of:
(A) Making the down payment for the subject
				property;
(B) Purchasing leasehold
				property in fee; or
(C) Making home
				improvements;
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-6 - Persons eligible for member home loans

Current through June, 2024
To be eligible for a member home loan, the applicant shall be
				  a retirant or an active member of the system with at least twelve continuous
				  months of membership service immediately before certification by the system
				  that the applicant is eligible for the loan, provided that:
(1) An active member whose appointment
				(employment) is for a fixed period of time or to a fixed date shall have had at
				least eighteen continuous months of membership service immediately before
				certification and, in addition, shall have at least six months remaining in the
				period of appointment. If the remaining period of appointment is less than six
				months, the system may waive the six month requirement upon presentation of
				written assurance of reappointment given by the appointing authority;
(2) An active member on leave without pay
				shall not be eligible;
(3) A member
				who has an outstanding member home loan shall not be eligible, except as
				otherwise provided in section 6-27-7;
(4) A member shall not be eligible to apply
				for or obtain a loan for another person.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-7 - Eligibility for another loan; limitations

Current through June, 2024
A member who once had a member home loan or who has an
				  outstanding member home loan shall not be eligible for another member home loan
				  unless both of the following conditions are met:
(1) The expiration of two years after the
				date the system purchased the prior or outstanding loan from the
				lender:
(2) Full satisfaction of
				the prior or outstanding loan.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-8 - Property qualifying under program; construction by owner

Current through June, 2024
(a) To qualify under the member home loan
				program, the property securing the loan shall be located in the State of Hawaii
				and shall be held in fee simple or on an acceptable leasehold upon which there
				is located:
(1) A one- to four-family
				dwelling or structure which may be attached or detached;
(2) A one-family dwelling unit in a planned
				development; or
(3) A one-family
				unit in a condominium project or townhouse; occupied or to be occupied by the
				member as the member's principal home. The appraisal shall include the value of
				all improvements but the value of the unit or units not occupied by the member
				shall be deducted in computing the loan-to-value ratio.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-9 - Co-ownership of mortgaged property

Current through June, 2024
The member or the member and the member's spouse, if married,
				  shall have at least a fifty per cent interest in the mortgaged property. If the
				  member is not the sole owner of the mortgaged property, all persons whose
				  signatures are required to create a valid first mortgage lien upon the
				  mortgaged property shall sign the mortgage.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-10 - Creditworthiness

Current through June, 2024
The lender shall be responsible for determining the
				  creditworthiness of each applicant who applies to it for a member home loan. In
				  making that determination the lender shall take into consideration:
(1) The applicant's monthly debt payment to
				income ratio;
(2) The applicant's
				credit reputation; and
(3) Any
				other factor considered by a prudent lender.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-12 - First mortgage loans; minimum and maximum loan amounts

Current through June, 2024
(a) No member home loan secured by a first
				mortgage on unencumbered improved real estate owned in fee simple shall exceed
				eighty per cent of the lesser of the purchase price or the appraised value of
				the real estate mortgaged to secure it.
(b) No member home loan secured by a first
				mortgage on leasehold interest in improved real estate shall exceed eighty per
				cent of the lesser of the purchase price or the appraised value of the
				leasehold interest and improvements.
(c) If the purpose of the member home loan is
				to satisfy an agreement of sale, the loan-to-value ratio shall be the lesser of
				the purchase price, if purchased less than one year ago, or the appraised
				value.
(d) If the loan-to-value
				ratio is over eighty per cent, lenders shall obtain the system's prior written
				approval for mortgage insurance. The mortgage insurance shall be obtained from
				a mortgage insurer licensed to do business in the State of Hawaii and shall
				insure or guarantee against the borrower's default or loss sufficient to reduce
				the system's exposure to not more than eighty per cent of the value of the
				mortgaged property. Mortgage insurance coverage shall remain in force until the
				principal amount of the loan is reduced to eighty per cent of the market value
				of the mortgaged property, at which time the coverage shall be subject to
				cancellation solely at the board's option. The borrow shall pay for the
				premiums for the insurance.
(e) No
				member home loan secured by a first mortgage shall be made in an amount which
				is less than or greater than the minimum or maximum loan amounts set by the
				board of trustees. The minimum and maximum loan amounts shall be set and may be
				periodically adjusted by the board of trustees at any of its regularly
				scheduled meetings. Notice of the board's intention to adjust the minimum and
				maximum loan amounts shall be included in the agenda for the meeting at which
				loan amounts shall be set or adjusted.
(f) There shall be a minimum cash equity of
				ten per cent of the purchase price for home purchases.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-13 - Leasehold conversion loans; minimum and maximum amounts

Current through June, 2024
(a) The collateral shall be a first mortgage
				on the fee simple interest and a second mortgage on the leasehold interest on
				improved real estate.
(b) No
				leasehold conversion loan shall be made in an amount less than the minimum loan
				amount set by the board of trustees.
(c) No leasehold conversion loan shall be
				made which, when combined with the outstanding balance of a first leasehold
				member home loan, exceeds the maximum loan amount set by the board of trustees,
				or when the combined balances of the first leasehold mortgage loan and the
				amount of the leasehold conversion loan exceeds eighty per cent of the
				appraised value of the real estate mortgaged to secure it.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-14 - Term

Current through June, 2024
(a) The term of any member home loan shall
				not exceed thirty years or the lesser period as may be determined appropriate
				upon consideration of the character and economic life of the property securing
				the loan. There shall be no minimum term requirement.
(b) If the loan is secured by first mortgage
				on leasehold property, the fixed rental term of the lease shall extend at least
				five years after the date of the execution of the note and mortgage, and the
				remaining term of the lease shall extend at least two years after the stated
				maturity date of the note and mortgage.
(c) The term of any leasehold conversion loan
				shall not exceed fifteen years.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-15 - Sale or transfer of mortgaged property

Current through June, 2024
(a) Every
				mortgage shall contain a due-on-sale clause giving the system the right to
				require the borrower to make immediate payment in full of the entire
				indebtedness secured by the mortgage if the borrower sells or transfers all or
				a part of the mortgaged property, including any equitable or beneficial
				interest, without first obtaining the system's prior written consent.
(b) The requirement for prior consent shall
				not apply to a transfer to an inter vivos trust in which the borrower is and
				remains the beneficiary and which does not relate to the transfer of the
				borrower's occupancy of the mortgaged property. The attorney preparing the
				inter vivos trust document shall issue a statement acknowledging that he or she
				has read the provisions of this section, and represents that the transfer of
				the interest in the mortgaged property into the inter vivos trust conforms to
				the limitations under this section. This statement shall be submitted to the
				participating financial institution. The due-on-sale clause shall be fully
				effective as to any sale or transfer of the mortgaged trust property by the
				trustee, or sale or transfer of the borrower's equitable or beneficial interest
				in the property, without the prior written consent of the system.
(c) The system's consent shall be subject to
				the member home loan program policy in effect on the date a request for consent
				is received by the system.
(d) The
				system's right to require the borrower or trustee to make payment in full with
				respect to the sale or transfer shall be subject to any applicable federal or
				state laws which restrict or prohibit the system's exercise of the
				right.
(e) The system shall not
				unreasonably withhold its consent to the borrower's sale or transfer of the
				mortgaged property by agreement of sale, provided the system's mortgage
				priority is not affected by the sale or transfer, the borrower is not in
				default of the loan or has not broken any promises made in obtaining the loan,
				has notified the system within a reasonable time of the proposed transaction,
				and agrees to:
(1) The shortening of the
				remaining loan term to the earlier of:
(A) The
				term of the agreement of sale: or
(B) Three years and to make immediate payment
				in full of all amounts due if the buyer under the agreement of sale is not an
				eligible member;
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-16 - Assumption

Current through June, 2024
(a) No assumption shall be allowed of any
				loan made after June 30, 1974.
(b)
				The system may consent to only one assumption of a loan made before July 1,
				1974, upon the following conditions:
(1) The
				borrower and buyer shall agree that the interest rate for the loan shall be
				increased to the interest rate in effect for new loans being made during the
				allocation period, if the interest rate for the allocation period is more than
				the interest rate specified in the loan. The borrower and buyer shall agree to
				sign all documents required to reflect any modification in interest
				rate;
(2) The buyer shall have the
				creditworthiness to assume the loan;
(3) If the buyer is an eligible member, the
				buyer shall meet the underwriting requirements as the applicant, pursuant to
				section 6-27-11;
(4) If the buyer
				is not an eligible member, the buyer's monthly mortgage payment shall not
				exceed twenty-five per cent of the buyer's stable monthly income less any
				monthly debt payments. If the buyer does not qualify for the loan, the system
				shall consider on a case-by-case basis a loan with no more than two personal
				guarantors, endorsers or other cosigners. The guarantee, endorsement or
				agreement shall not be qualified or limited in any manner. All credit
				underwriting standards shall apply to the credit evaluation of a guarantor,
				endorser, or co-signer. The monthly mortgage payment shall not exceed
				twenty-five per cent of the combined stable monthly income of the buyer and the
				guarantor, endorser or co-signer less any monthly debt payments. In addition,
				the buyer's monthly mortgage payment shall not exceed forty per cent of the
				buyer's stable monthly income less any monthly debt payments;
(5) The buyer shall agree to pay a loan
				assumption fee of one per cent of the loan balance, plus all costs and
				expenses, including attorney's fees, related to the assumption of the
				loan;
(6) The buyer shall promise
				the system in writing to occupy the mortgaged property as a principal home for
				at least one year after the date the assumption of mortgage becomes
				effective;
(7) The mortgage shall
				continue to be a first lien on the mortgaged property; and
(8) The buyer shall agree to make immediate
				payment in full of all amounts due under the loan upon a further sale or
				transfer of the mortgaged property.
A loan may not be assumed if the person who is applying
				  initially acquired the mortgaged property by way of an agreement of sale and is
				  requesting the system to consent to the buyer's assumption of the underlying
				  loan.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-17 - Certification of applicant's eligibility; delivery of loan

Current through June, 2024
(a) The lender shall be responsible for
				obtaining from the system certification as to whether the applicant is eligible
				for a member home loan. The name of every applicant who is a member shall be
				submitted to the system for certification.
(b) Before the applicant's name is submitted
				for certification, the lender shall obtain the sales contract, agreement of
				sale document, construction contract, plans and specifications, whichever
				applies. Until certification of eligibility is obtained from the system, the
				lender shall not incur any costs chargeable to the applicant.
(c) The terms and conditions of a member home
				loan shall be in accordance with this chapter in effect on the date of the
				applicant's certification of eligibility.
(d) The lender shall disburse the loan
				proceeds within four months after date of the certification, or within ten
				months where new home construction is involved under this program, or within
				six months where home improvement is involved under this program.
(e) The lender shall deliver the loan file to
				the system for approval to purchase within six months after the date of
				certification, or within fourteen months after the date of certification where
				new home construction under this program is involved, or within ten months
				after the date of certification where home improvement under this program is
				involved.
(f) The lender shall sell
				the loan to the system within one month after the date of the letter of
				approval to purchase by the system.
(g) The lender may request a precertification
				of eligibility if the lender anticipates that the loan proceeds cannot be
				disbursed within four months after the date of certification.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-18 - Precertification of applicant's eligibility

Current through June, 2024
(a)
				Precertification against future allocations may be obtained from the system for
				the following purposes:
(1) To purchase a
				principal home which is under construction or will be constructed and will be
				conveyed to the borrower upon completion of construction;
(2) To finance the purchase of the fee simple
				interest on leasehold land which is located a principal home.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-19 - Insurance

Current through June, 2024
(a) Each member home loan shall be covered by
				a title insurance policy on the current standard American Land Title
				Association (ALTA) form issued by a title insurer licensed to do business in
				the State of Hawaii. The amount of coverage shall be at least equal to the
				amount of the loan and the benefits of the policy shall run to the system. The
				Alta Policy shall insure against any mechanic's and materialman's
				lien.
(b) The mortgaged property
				shall be covered by fire and extended coverage insurance equal to the full
				replacement costs of the improvements on the mortgaged property without
				deduction for depreciation. If the mortgaged property is located in an area
				identified and designated as a flood hazard area by the Federal Department of
				Housing and Urban Development, flood insurance under the Federal Flood Disaster
				Protection Act of 1973, Public Law No. 93-234, shall be obtained. If the
				mortgaged property is a condominium apartment, the association of owners shall
				have and keep in full force and effect a blanket fire and extended coverage
				insurance policy. The lender shall assure that the system is named as loss
				payee on the policies.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-20 - Security for loans

Current through June, 2024
(a) Member home
				loans shall be secured by:
(1) First
				mortgages on unencumbered improved real estate owned in fee simple;
				or
(2) First mortgages on leasehold
				interests in improved real estate.
Hawaii Administrative Rules › Title 6 - DEPARTMENT OF BUDGET AND FINANCE › Division - EMPLOYEES' RETIREMENT SYSTEM › Chapter 27 - MEMBER HOME LOAN PROGRAM › Section 6-27-21 - Interest rate

Current through June, 2024
(a) The interest
				rate for member home loan mortgages shall be set and may be periodically
				adjusted by the board of trustees at any of its regularly scheduled meetings.
				Notice of the board's intention to adjust the interest rate shall be included
				in the agenda for the meeting at which the rate will be set or
				adjusted.
(b) An active member of
				the system or retirant may apply with the lender servicing the loan for an
				interest rate reduction if the system's prevailing interest rate is less than
				the interest rate on the borrower's original note, subject to all of the
				following conditions:
(1) The active member
				of the system or retirant shall be currently residing on the mortgaged
				property;
(2) The lender servicing
				the loan, may charge a fee of one-half of one per cent of the loan balance, but
				in no event more than $300;
(3)
				Only one interest rate reduction shall be allowed during the term of the
				loan;
(4) The borrower(s) shall
				complete a loan application and execute a revision agreement;
(5) The loan shall be reamortized over its
				remaining term;
(6) The new
				interest rate shall become effective the first day of the month after the
				borrower's execution of the revision agreement;
(7) The mortgage loan shall be current in
				monthly installments;
(8) The
				revision agreement shall be executed by all the borrower(s).