§88-123 - Amount of annual contributions by the State and counties.

§88-123  Amount of annual contributions by
the State and counties.  The contribution payable in each year to the
pension accumulation fund by the State and by each county shall be determined
by allocating the sum of the normal cost and the accrued liability contribution
for:

(1)  Police officers, firefighters, and corrections
officers, the latter after the actual transfer of all county jails pursuant to
executive order of the governor; and

(2)  All other employees

in the same proportion as the aggregate annual
compensation of each group employed by the State and by each county,
respectively, as of March 31 of the valuation year.  Commencing with fiscal
year 2005-2006, the contribution payable in each year to the pension
accumulation fund by the State and each county, respectively, shall be
determined by multiplying the contribution rates in section 88-122(e) by the
actual covered payroll in a given fiscal year for each of the two groups of
employees in section 88-122(a). [L 1925, c 55, pt of §8; am imp L 1927, c 251,
§4; am L 1933, c 181, §3; am L Sp 1933, c 10, §§2, 3; RL 1935, pt of §7927; am
L 1935, c 48, §§2, 4; RL 1945, pt of §712, subs 3; RL 1955, §6-91; am L 1964, c
62, §13; HRS §88-114; am L 1969, c 110, pt of §1; am L 1977, c 171, §3; am L
1983, c 124, §15; am L 1997, c 327, §4; am L 2004, c 181, §3]

Cross References

  Trustees to submit estimates of amount due from county, see
§248-3.