Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committees on Higher Education and Labor & Public Employment, to which was referred H.B. No. 5 entitled:

beg leave to report as follows:

The purpose of this bill is to make the optional retirement plan for University of Hawaii (UH) employees permanent.

The UH Professional Assembly, TIAA-CREF, and AIG VALIC testified in support of the bill. UH supported the measure with amendments. The Hawaii Government Employees Association supported the intent of the bill.

Your Committees find that by making the optional retirement plan for UH permanent, UH employees will be more likely to enroll in this program.

As affirmed by the records of votes of the members of your Committees on Higher Education and Labor & Public Employment that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 5 and recommend that it pass Second Reading and be referred to the Committee on Finance.