§88-6 Payment of refunds and retirement benefits.  (a)  Notwithstanding anyother provision of this chapter:

(1)  All retirees and beneficiaries of the stateretirement system or county pension funds shall be paid semimonthly; andeffective January 1, 2003, all retirees and beneficiaries of the stateretirement system who either retire or become beneficiaries after January 1,2003, shall be paid monthly; and

(2)  Anyretirant or beneficiary whose benefit commences after June 30, 2001, shalldesignate a financial institution account into which the system shall beauthorized to deposit their retirement benefit.  This method of payment may bewaived by the system if another method is determined to be more appropriate.

(b)  Any member, former employee, retirant, orbeneficiary to whom accumulated contributions or a hypothetical accountbalance, 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 aneligible retirement plan, designate a financial institution account into whichthe system shall be authorized to deposit the payment.  This method of paymentmay be waived by the system if another method is determined to be moreappropriate. [L 1967, c 98, §1; HRS §88-6; am L 1969, c 110, pt of §1; am L2001, c 102, §1; am L 2002, c 128, §2; am L 2008, c 41, §2]