Requires the public utilities commission to include a stipulation, as part of any decision of the commission to allow a transfer of ownership of a utility, that any surplus that exists in the utility's employee pension fund remain in the pension fund.

A BILL FOR AN ACT

SECTION 1. Chapter 269, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:

"§269- Transfer, sale, purchase, takeover, or assumption of ownership of a utility; employee pension fund stipulation required. (a) The commission shall require, prior to rendering any decision to approve a written agreement to transfer, sell, purchase, takeover, or otherwise assume ownership of a utility, a stipulation, in the written agreement between the parties to the transfer, sell, purchase, takeover, or otherwise assume ownership of the utility, that any pre-existing surplus of funds that exists in the utility's employee pension fund shall remain part of the pension fund, or portion thereof, that is used to provide pension benefits to employees of the utility due to employment with the utility after the agreement to transfer, sell, purchase, takeover, or otherwise assume ownership of the utility.

(b) The commission shall not approve any agreement to transfer, sell, purchase, takeover, or otherwise assume ownership of a utility unless the stipulation required under subsection (a) is included in the written agreement to transfer, sell, purchase, takeover, or otherwise assume ownership of the utility and agreed to by all parties to the written agreement."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.