Report Title:

ERS

RESOLUTION

WHEREAS, acquiring and retaining well-trained employees contributes to the efficiency of government; and

WHEREAS, both in the private and public sector, pension benefits are often a major consideration for employees both in initially accepting employment and in remaining in certain positions; and

WHEREAS, enhancing public sector pension benefits will help improve recruitment for and retention of public sector employees; and

WHEREAS, an evaluation of the currently available pension benefits in both the public and private sectors could point to areas in the State's system where improvement could be made; and

WHEREAS, defined contribution pension plans are popular in the private sector and now being used more often in the public sector; and

WHEREAS, the Employees Retirement System of Hawaii has adequate funding to conduct a study and has budgeted for such; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-first Legislature of the State of Hawaii, Regular Session of 2001, the House of Representatives concurring, that the Employees' Retirement System of Hawaii is requested to study current public sector pension benefits and make recommendations for enhancement or change; and

BE IT FURTHER RESOLVED that the study include the feasibility of adding an alternative defined contribution plan; and

BE IT FURTHER RESOLVED that the study be concluded and results presented to the House Committee on Labor and Public Employment and Senate Committees on Labor and Health and Human Services no later than twenty days prior to the convening of the Regular Session of 2002; and

BE IT FURTHER RESOLVED that the Legislature review the recommendations and consult with independent parties and industry experts to propose modifying legislation; and

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