STAND. COM. REP. 761

Honolulu, Hawaii

, 2003

RE: H.B. No. 403

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. 403 entitled:

"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"

begs leave to report as follows:

The purpose of this bill, which applies to legislative officers appointed after June 30, 2003 is to:

(1) Reduce the benefit formula for the legislative officer's retirement allowance from three and one-half percent to two percent; and

(2) Apply a benefit reduction penalty for legislative officers who retire before the age of fifty-five.

The Employees' Retirement System (ERS) provided comments.

Your Committee has made technical amendments to this measure as suggested by ERS, to replace references to section 88-81(d), Hawaii Revised Statutes (HRS), with references to section 88-81(f), HRS.

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

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT Y. TAKAMINE, Chair