HRS §88-87
Paying off missing retirement contributions
When you retire, if you have not paid enough into your retirement account, your monthly retirement payment will be reduced to make up for the shortfall. You can avoid this reduction by paying the missing amount before you retire.
employees
The statute, as written — Adjustment for deficiency in accumulated contributions
Upon retirement, the maximum retirement allowance of any member whose accumulated contributions are deficient shall be reduced by an amount which is the actuarial equivalent of the amount of the deficiency. A deficiency shall be the amount by which a member's accumulated contributions fail to equal the accumulated contributions which would be standing to the member's account had the member contributed at the full rate required by law. Deficiencies may be paid by the member in advance of retirement, in which case the member's retirement allowance shall not be reduced.
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