Hawaii Employment Compensation Package
Description
How to fill out Employment Compensation Package?
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FAQ
The normal retirement benefit is calculated as follows: 2% x Years of Credited Service x Average Final Compensation (AFC).
(Ten years of service makes you a vested member.) If you have at least 25 years of service, you qualify to retire early, at age 55, without paying any penalties.
MOST COMPETITIVE In addition to salary, which is an important part of the compensation package, an employee is eligible for a broad range of valuable benefits, such as comprehensive health care insurance, life insurance, retirement programs, sick leave, vacation leave and paid holidays.
Participation in the PTS Plan is mandatory. Your contribution to this PTS Plan replaces your contribution to Social Security (however, a Medicare contribution is still required). Each pay period, 7.5% of your gross pay will be deducted from your paycheck in place of the 6.2% amount for Social Security.
Employees contribute 8% of salary out of each paycheck to the pension fund. The average retirement benefit is $30,708 per year, or $2,559 per month.
There are some exceptions to the five-year requirement . If you are employed on a permanent part-time basis and worked at least five calendar years, or you're a member with another California public retirement system, contact CalPERS to find out if an exception may apply to you .
What are the minimum requirements for service retirement? If you have at least 10 years of credited service AND you are age 62 or older when you leave your job, you can retire with full benefits. If you have at least 30 years of credited service AND you are age 55 or older, you can retire with full benefits.