Report Title:

ERS

RESOLUTION

WHEREAS, under chapter 88, Hawaii Revised Statutes, the Board of Trustees of the Employees' Retirement System of the State of Hawaii is entrusted to make investments to keep the Employees' Retirement System solvent; and

WHEREAS, there has been criticism in the past that the Employees' Retirement System has not been adequately funded; and

WHEREAS, Hawaii residents have always been, and will continue to be, patrons of gaming where it is legal and have shown a dominating proclivity to patronize the casinos in the city of Las Vegas; and

WHEREAS, it does not appear that gaming will become legal in Hawaii and Hawaii residents will continue to spend enormous amounts of their money outside the State; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-first Legislature of the State of Hawaii, Regular Session of 2001, the Senate concurring, that the Board of Trustees of the Employees' Retirement System of the State of Hawaii is requested to examine the feasibility of purchasing and operating a Las Vegas casino in order to enhance the funding of the Employees' Retirement System; and

BE IT FURTHER RESOLVED that the Board of Trustees of the Employees' Retirement System is requested to report its findings and recommendations, including any necessary proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2002; and

BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Chairperson of the Board of Trustees of the Employees' Retirement System of the State of Hawaii.