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                                 STAND. COM. REP. NO. 817

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1035
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No.
1035 entitled: 

     "A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT
     SYSTEM,"

begs leave to report as follows:

     The purpose of this bill is to ensure that the Employees'
Retirement System's (ERS) investment program objectives are met
by:

     (1)  Requiring the ERS Board of Trustees to appoint a chief
          investment officer and an assistant administrator; and

     (2)  Requiring the Attorney General to serve as legal
          advisor to the Board of Trustees.

     The Employees' Retirement System commented on this measure.

     Your Committee has amended this bill by making technical,
nonsubstantive revisions.

     As affirmed by the record of votes of the members of your
Committee on Finance that is attached to this report, your
Committee is in accord with the intent and purpose of H.B. No.
1035, as amended herein, and recommends that it pass Third
Reading in the form attached hereto as H.B. No. 1035, H.D. 1.

 
 
 
                                 STAND. COM. REP. NO. 817
                                 Page 2

 

                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Finance,



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair