Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Labor and Public Employment, to which was referred H.B. No. 1223 entitled:

begs leave to report as follows:

The purpose of this bill is to enable the State to attract the most qualified elected officials and public employees by establishing an optional defined contribution plan for certain exempt employees.

American General Financial Group submitted testimony in support of this measure. The Department of Budget and Finance expressed concerns with the plan as proposed. The Employees' Retirement System recommended conducting a comprehensive retirement plan study before any legislation is passed.

Your Committee has amended the bill by changing the effective date to July 1, 2020.

As affirmed by the record of votes of the members of your Committee on Labor and Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1223, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1223, H.D. 1, and be referred to the Committee on Finance.