Requires unanimous approval of both houses of the legislature in order to use moneys in the employees' retirement system's pension accumulation fund for purposes other than what is statutorily intended.

A BILL FOR AN ACT

SECTION 1. Section 88-114, Hawaii Revised Statutes, is amended to read as follows:

"§88-114 Pension accumulation fund. (a) The pension accumulation fund shall be the fund in which shall be accumulated all contributions made by the State and any county and all income from investments and from which shall be paid all benefits, including the bonus authorized under section 88-11, and other than those benefits which are specifically payable from other funds.

(b) Any act making appropriations from the pension accumulation fund for purposes other than those enumerated in subsection (a) shall include a declaration of findings and purposes setting forth the purposes, the amounts, and the reasons why the appropriations are necessary and shall require a unanimous vote of each house of the legislature."

SECTION 2. New statutory material is underscored.

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