STAND. COM. REP. NO. 715-04
Honolulu, Hawaii
, 2004
RE: H.B. No. 2404
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Second State Legislature
Regular Session of 2004
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 2404 entitled:
"A BILL FOR AN ACT RELATING TO FEDERAL TAX QUALIFICATION OF THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose of this bill is to preserve the Employees' Retirement System's (ERS) tax-qualified status by:
(1) Making various amendments to the law on pension and retirement systems to comply with the requirements of the Internal Revenue Code; and
(2) Granting expedited rulemaking authority to the ERS Board of Trustees.
The ERS Board of Trustees testified in support of this bill.
Your Committee has amended this bill by:
(1) Changing the effective date to July 1, 2010, to facilitate further discussion; and
(2) 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. 2404, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2404, 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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