Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 564, H.D. 2, entitled:

begs leave to report as follows:

The purpose of this measure is to make clear that there are four different retirement options in the noncontributory plan offered by the Employees' Retirement System.

Your Committee finds that retirement options have been confusing in the past for noncontributory retirees because of terminology used for each option. An option once selected is irrevocable and can impact the benefits for a survivor. By renaming "normal retirement" to "maximum retirement", the terms for this option will be similar for both noncontributory and contributory plans and less confusion should result.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 564, H.D. 2, and recommends that it pass Third Reading.