STAND. COM. REP. NO. 1860
Honolulu, Hawaii
, 2005
RE: H.B. No. 632
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 632 entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose of this measure is to authorize the Board of Trustees of the Employees' Retirement System to use the effect of the post retirement allowance or other mandatory fixed scheduled increase in benefits as an actuarial assumption in determining the value of available options.
Your Committee finds that recognition of the effect of the post retirement allowance will make calculation of benefit options more consistent with modern actuarial practices.
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. 632, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
____________________________ BRIAN T. TANIGUCHI, Chair |
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