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 S.B. No. 741 entitled:

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 as an actuarial assumption in determining the value of benefit options.

Your Committee finds that this measure is necessary to clarify the present law because the Attorney General has previously advised the system that the language of the statutes precludes the adoption of such an assumption.

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 S.B. No. 741 and recommends that it pass Third Reading.