Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 632 entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the Board of Trustees of the Employees' Retirement System (ERS) to include the post retirement allowance as an actuarial assumption in the calculation of a member's retirement benefit.

The ERS, Hawaii State Teachers Association, and Hawaii Fire Fighters Association testified in support of this measure.

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. 632 and recommends that it pass Third Reading.