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 S.B. No. 1040 entitled:

begs leave to report as follows:

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

Your Committee finds that this bill accomplishes this among other things, by renaming the "normal retirement" option as the "maximum allowance" option. Options A, B, and C will continue to exist, and thus round out the four options. Clarification will help the retirees understand what option they are choosing and what each option accomplishes in terms of a retiree's financial goals and plans.

Your Committee has made technical, nonsubstantive amendments to this bill in keeping with proper application of the Ramseyer format.

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 S.B. No. 1040, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1040, S.D. 1.