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 S.B. No. 1040, S.D. 1, entitled:

begs leave to report as follows:

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

The Board of Trustees of the Employees' Retirement System supported the bill.

Your Committee finds that this clarification will help state retirees understand what option they are choosing and what each option accomplishes in terms of a retiree's financial goals and plans.

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 S.B. No. 1040, S.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Finance.