§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; and
effective January 1, 2003, all retirees and beneficiaries of the state
retirement system who either retire or become beneficiaries after January 1,
2003, shall be paid monthly; and



(2)  Any
retirant or beneficiary 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.  This method of payment may be
waived by the system if another method is determined to be more appropriate.



(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]