Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1312, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to require the Employee's Retirement System to pay interest to a retiree if the system fails to finalize a retiree's pension benefit within six months of the retiree's retirement.

Furthermore, this measure authorizes the Employees' Retirement System to charge the departments and agencies monthly fees for late reporting of information requested on an employee's retirement.

Your Committee finds that pension benefits should be processed in a timely manner. This measure encourages departments to be prompt in their reporting of data to the Employees' Retirement System, and the system to be prompt in finalizing the pension benefit.

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. 1312, S.D. 1, and recommends that it pass Third Reading.