Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2950 entitled:

begs leave to report as follows:

The purpose of this bill is to clarify that a Voluntary Employees’ Beneficiary Association (VEBA) Trust may be established by an employee organization to provide benefits for state and county employees that the employee organization represents by amending the purpose of the VEBA Trust pilot program under Act 245, Session Laws of Hawaii 2005.

The Hawaii State Teachers Association and Hawaii Government Employees Association testified in support of this bill.

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. 2950 and recommends that it pass Third Reading.