STAND. COM. REP. NO.  852

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 1365

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1365 entitled:

"A BILL FOR AN ACT RELATING TO THE STATE OF HAWAII DEFERRED COMPENSATION PLANS,"

begs leave to report as follows:

     The purpose of this bill is to clarify that the Board of Trustees of the State Deferred Compensation Plan (Compensation Plan) and State Deferred Compensation Retirement Plan (Retirement Plan) for part-time, temporary, and seasonal or casual employees may select and offer participants, investment products that are commonly offered in the securities industry or other deferred compensation plans that are determined to be reasonable and prudent investment products.

     The Department of Human Resources Development, Board of Trustees for both the Compensation Plan and Retirement Plan, and Office of Hawaiian Affairs 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. 1365 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair