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

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

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

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

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

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

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

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

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

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

shall remain a member of the state employees'retirement system unless the person elects in writing on a form prescribed bythe board of regents to terminate the person's membership.  The form shall besubmitted to the state employees' retirement system no later than ninety daysafter the establishment of the optional retirement system of the University ofHawaii.

(g)  Any person hired after the establishmentof 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 orthe community college system who are excluded from bargaining unit (7) pursuantto 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 thecontrary, retirement benefits for the optional retirement system of theUniversity of Hawaii shall be a subject of collective bargaining negotiationsfor bargaining unit (7). [L 1998, c 115, §3; am L 2004, c 180, §§1, 3]