STAND. COM. REP. NO. 1685
Honolulu, Hawaii
RE: H.B. No. 1292
H.D. 1
S.D. 2
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2007
State of Hawaii
Madam:
Your Committee on Ways and Means, to which was referred H.B. No. 1292, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose of this measure is to protect the tax qualified status of the Employees' Retirement System by tightening certain participation requirements.
Among other things, the bill:
(1) Implements a one-time irrevocable election by elective officers to join the Employees' Retirement System; and
(2) Prohibits elective officers and judges from retiring upon reaching the statutory maximum on retirement benefits and delaying receipt of those benefits until a future separation date.
Your Committee received comments in support of this measure from the Department of Budget and Finance and a member of the Maui County Council. Comments were received from the Employees' Retirement System and a concerned citizen.
Your Committee finds that this measure is an administrative measure that is necessary to protect the tax qualified status of the Employees' Retirement System and to ensure the continued favorable tax treatment of employee contributions made on a pre-tax basis.
Your Committee has amended this measure by making technical nonsubstantive amendments for the purposes of clarity and style.
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 H.B. No. 1292, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1292, H.D. 1, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ ROSALYN H. BAKER, Chair |
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