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County of Hawaii <br />Department of Water Supply <br />(A component unit of the County of Hawaii, State of Hawaii) <br />NOTES TO FINANCIAL STATEMENTS <br />June 30, 2017 <br />NOTE F - EMPLOYEE BENEFITS (Continued) <br />elected officers' retirement benefits are determined as 3.0% of average final <br />compensation multiplied by the years of credited service up to a maximum of 75%. <br />Judges and elected officers with ten years of credited service are eligible to retire at age <br />60. <br />Police officers and firefighters' retirement benefits are determined using the benefit <br />multiplier of 2.25% for qualified service, up to a maximum of 80% of average final <br />compensation. Police officers and firefighters with ten years of credited service are <br />eligible to retire at age 60. Police officers and firefighters with 25 years of credited <br />service are eligible to retire at age 55, provided the last five years is service credited in <br />these occupations. <br />Disability and Death Benefits - Members are eligible for service -related disability benefits <br />regardless of length of service and receive a lifetime pension of 50% of their average <br />final compensation plus refund of contributions and accrued interest. Ten years of <br />credited service is required for ordinary disability. Ordinary disability benefits are 3% of <br />average final compensation for each year of service for judges and elected officers and <br />1.75% of average final compensation for each year of service for police officers and <br />firefighters and are payable immediately, without an actuarial reduction, at a minimum of <br />30% of average final compensation. <br />Death benefits for contributory members hired after June 30, 2012 are generally the <br />same as those for contributory members hired June 30, 2012 and prior. <br />Hybrid Class for Members Hired Prior to July 1, 2012 <br />Retirement Benefits - General employees' retirement benefits are determined as 2% of <br />average final compensation multiplied by the years of credited service. General <br />employees with five years of credited service are eligible to retire at age 62. General <br />employees with 30 years of credited service are eligible to retire at age 55. <br />Disability Benefits - Members are eligible for service -related disability benefits regardless <br />of length of service and receive a lifetime pension of 35% of their average final <br />compensation plus refund of their contributions and accrued interest. Ten years of <br />credited service is required for ordinary disability. Ordinary disability benefits are <br />determined in the same manner as retirement benefits but are payable immediately, <br />without an actuarial reduction, and at a minimum of 25% of average final compensation. <br />Death Benefits - For service -connected deaths, the designated surviving <br />spouse/reciprocal beneficiary receives a lump -sum payment of the member's <br />contributions and accrued interest plus a monthly benefit of 50% of the average final <br />compensation until remarriage or re-entry into a new reciprocal beneficiary relationship. <br />If there is no surviving spouse/reciprocal beneficiary, surviving dependent children (up to <br />age 18) or dependent parents are eligible for the monthly benefit. If there is no <br />spouse/reciprocal beneficiary or dependent children/parents, the ordinary death benefit <br />is payable to the designated beneficiary. <br />W.* <br />