§88-8  University of Hawaii optional
retirement system.  (a)  Notwithstanding any other law to the contrary, the
board of regents may establish without regard to the public notice or public
hearing requirements of chapter 91, a retirement system separate from the state
employees' retirement system to provide retirement allowances and other
benefits for University of Hawaii employees who are:



(1)  Members of bargaining unit (7); or



(2)  Other employees of the University of Hawaii or
the community college system who are excluded from bargaining unit (7) pursuant
to chapter 89.



(b)  The general administration and the
responsibility for the proper operation of the optional retirement system of
the University of Hawaii shall be vested in the board of regents.  The board of
regents may manage the optional retirement system within the University of
Hawaii or contract for the management of the optional retirement system.



(c)  The board of regents may establish vesting
periods for the members of the optional retirement system of the University of
Hawaii that are different from those established in this chapter.



(d)  The board of regents may establish
retirement allowances and other benefits for the optional retirement system of
the University of Hawaii.



(e)  The employer's share of the cost of the
optional retirement plan of the optional retirement system of the University of
Hawaii shall not exceed the equivalent amount for any other group covered by
this chapter.



(f)  Any member of the state employees'
retirement system when the optional retirement system of the University of
Hawaii is established who is also:



(1)  A member of bargaining unit (7); or



(2)  Other employees of the University of Hawaii or
the community college system who are excluded from bargaining unit (7) pursuant
to chapter 89,



shall remain a member of the state employees'
retirement system unless the person elects in writing on a form prescribed by
the board of regents to terminate the person's membership.  The form shall be
submitted to the state employees' retirement system no later than ninety days
after the establishment of the optional retirement system of the University of
Hawaii.



(g)  Any person hired after the establishment
of the optional retirement system of the University of Hawaii who is:



(1)  A member of bargaining unit (7); or



(2)  Other employees of the University of Hawaii or
the community college system who are excluded from bargaining unit (7) pursuant
to chapter 89,



shall elect to be a member of the state employees'
retirement system or the optional retirement system of the University of Hawaii. 
Upon an election the person may not transfer from one system to the other.



(h)  Notwithstanding any other law to the
contrary, retirement benefits for the optional retirement system of the
University of Hawaii shall be a subject of collective bargaining negotiations
for bargaining unit (7). [L 1998, c 115, §3; am L 2004, c 180, §§1, 3]