Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 403, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to change the retirement benefit for members who first earned credited service as a legislative officer after June 30, 2003.

Specifically, this measure changes the retirement benefit from three and one half per cent to two per cent of the member's average final compensation for each year of credited service as a legislative officer. It also applies an age reduction penalty for those officers retiring before age fifty-five.

Your Committee has amended this measure by deleting its contents and replacing it with a new measure to grant full retirement benefits to deputy sheriffs and corrections officers after twenty-five years of credited service, unreduced for age.

Specifically, this measure, as amended, will allow contributory and noncontributory plan deputy sheriffs and noncontributory plan corrections officers to retire with the "25 and out" early retirement benefit, regardless of age.

Your Committee finds that the amended measure treats deputy sheriffs and corrections officers on par with other law enforcement and safety officers, who are presently allowed to retire after twenty-five years of credited service, regardless of age.

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 H.B. No. 403, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 403, H.D. 1, S.D. 1.