Report Title:
Deferred Compensation Plan; Board of Trustees; Election
Description:
Provides for the election of members of the board of trustees administering the State's deferred compensation plan pursuant to rules adopted by the board. Provides for the replacement of incumbent members of the board only after completion of their terms. (SB1194 HD2)
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THE SENATE |
S.B. NO. |
1194 |
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TWENTY-THIRD LEGISLATURE, 2005 |
S.D. 1 |
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STATE OF HAWAII |
H.D. 2 |
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A BILL FOR AN ACT
Relating to the Board of Trustees of the Deferred Compensation Plan.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88E-4, Hawaii Revised Statutes, is amended to read as follows:
"§88E-4 Composition of the board of trustees. The board of trustees shall consist of seven members as follows:
(1) The director of human resources development of the State who shall serve as its chairperson;
(2) The director of finance of the State or a designated representative, ex officio;
(3) Five other persons, [three of whom] who shall be public employees and represent employee interests[.], to be elected by the members of the plan under section 88E-5 and rules adopted by the board pursuant to chapter 91."
SECTION 2. Section 88E-5, Hawaii Revised Statutes, is amended to read as follows:
"§88E-5 [Appointment] Election and terms. (a) Except for the directors of human resources development and finance, the members of the board [shall be nominated and, by and with the advice and consent of the senate, appointed by the governor and] shall serve terms of four years each; provided that [of the trustees first appointed upon establishment of the board one shall be appointed for one year, one shall be appointed for two years, one shall be appointed for three years, and two shall be appointed for four years] the incumbent members of the board shall each complete serving their respective terms and the election of a replacement member pursuant to this section shall be conducted prior to the expiration of the term of each incumbent.
(b) A vacancy on the board shall be filled by appointment [of the governor.] for the unexpired term of a trustee by the remaining trustees. The person appointed to fill a vacancy shall serve for the remainder of the unexpired term. If by the end of a term a trustee is not [reappointed] reelected or a successor [is not appointed,] has not yet been elected, the trustee shall serve until the trustee's successor is [appointed.] duly sworn into office.
(c) Membership on the board shall not be deemed incompatible with the holding of any other public employment.
(d) The deferred compensation plan shall pay for all costs related to the elections required under this section."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2010.