STAND. COM. REP. NO. 3004
Honolulu, Hawaii
RE: H.B. No. 1365
S.D. 1
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fourth State Legislature
Regular Session of 2008
State of Hawaii
Madam:
Your Committee on Judiciary and Labor, 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 measure is to clarify that the Board of Trustees of both the State of Hawaii Deferred Compensation Plan and the State Deferred Compensation 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 and are determined to the reasonable, prudent investment products.
Your Committee received testimony in support of this measure from the Department of Human Resources Development.
This measure provides the Board of Trustees with sufficient authority to keep pace with the ever changing securities industry, and to select and offer the best investment products to participants of both plans. The securities industry has been changing constantly and new types of investment products are being created and offered to the public.
Your Committee has amended this measure by changing the effective date to July 1, 2050 to continue the discussion on this legislation, and by making technical, nonsubstantive amendments.
As affirmed by the record of votes of the members of your Committee on Judiciary and Labor that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1365, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1365, S.D. 1, and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Judiciary and Labor,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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