Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2127 entitled:

begs leave to report as follows:

The purpose of this measure is to provide special compensation payments to pensioners aged seventy years and older with at least twenty years of service.

Your Committee finds that longer-lived retirees living on fixed incomes that were calculated at the time of retirement may, over time, face financial hardship due to rising health care and cost of living expenses. This measure is designed to provide special compensation to these older retirees based on a formula that takes into consideration the number of years the pensioner has been retired, and the number of years of credited service.

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. 2127 and recommends that it pass Third Reading.