RESOLUTION

WHEREAS, during the 2001 Regular Session, the legislature adopted Senate Concurrent Resolution (SCR) 159, directing the Employees' Retirement System (ERS) to conduct a study of current public sector pension benefits and make recommendations for enhancement or change, and to study the feasibility of adding an alternative defined contribution plan; and

WHEREAS, pursuant to SCR 159, the ERS conducted a comprehensive study, the results of which were presented to the 2002 legislature; and

WHEREAS, the ERS study included a proposed "hybrid" contributory plan; and

WHEREAS, the hybrid contributory plan could potentially apply to new employees, class "C" non-contributory members and class "A" contributory members; and

WHEREAS, the hybrid contributory plan could enhance public sector pension benefits that could improve recruitment for and retention of public sector employees; and

WHEREAS, there are various aspects of the hybrid plan that must still be analyzed; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2003, the Senate concurring, that the ERS conduct a study on the feasibility of establishing a hybrid contributory plan; and

BE IT FURTHER RESOLVED that the ERS determine, among other pertinent issues, the feasibility of:

BE IT FURTHER RESOLVED that the ERS submit a report of its findings and recommendations, including proposed legislation, to the Legislature at least twenty days prior to the convening of the Regular Session of 2004; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Administrator of the Employees' Retirement System.