STAND. COM. REP. NO.745
Honolulu, Hawaii
, 2001
RE: H.B. No. 576
H.D. 2
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 576, H.D. 1, 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 change the salary growth assumption rate from a variable rate to a fixed percentage rate to calculate annual employer contributions to the Employees' Retirement System (ERS).
The Department of Budget and Finance, the ERS Board of Trustees, and the Hawaii State Teachers Association supported this measure.
Your Committee has amended this bill by:
(1) Changing the effective date to July 1, 2001;
(2) Correcting an error in the statute with regards to a referenced section; and
(3) Making technical, nonsubstantive amendments for purposes of clarity and style.
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. 576, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 576, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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