... Chapter 3: Financial Audit executed but unperformed purchase orders or contracts Encumbrances are recorded as expenditures for budgetary purposes and as reservations of ... 4,606,485 $ 73,434 35 Chapter 3: Financial Audit Note – Retirement Benefits Employees’ Retirement System Plan Description All eligible employees of the State are required by Chapter 88, HRS, to ... requirements for the contributory and noncontributory plans are five years and ten years, respectively All contributions, benefits, and eligibility requirements are governed by Chapter 88, HRS Funding...