STAND. COM. REP. 847
Honolulu, Hawaii
, 2003
RE: H.B. No. 130
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Second State Legislature
Regular Session of 2003
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 130 entitled:
"A BILL FOR AN ACT RELATING TO PENSION AND RETIREMENT SYSTEMS,"
begs leave to report as follows:
The purpose of this bill is to require spousal or reciprocal beneficiary consent before the mode of retirement allowance is selected by a member of the Employees' Retirement System (ERS).
The Hawaii State Commission on the Status of Women and Hawaii Civil Rights Commission testified in support of this measure. ERS commented on the measure.
Your Committee has amended this measure by:
(1) Selecting Option 2 (Contributory Plan) and Option B (Noncontributory Plan) when the spouse or reciprocal beneficiary refuses to consent to the retirement option selected;
(2) Changing the effective date to January 1, 2004, to enable ERS to develop forms and inform their membership of the new consent requirements; and
(3) Making technical, nonsubstantive amendments for 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. 130, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 130, H.D. 1.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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