STAND. COM. REP. NO. 1151

Honolulu, Hawaii

RE:    S.C.R. No. 68

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Madam:

     Your Committee on Labor, to which was referred S.C.R. No. 68 entitled:

"SENATE CONCURRENT RESOLUTION REQUESTING THE STATE AUDITOR TO CONDUCT A MANAGEMENT AND PERFORMANCE AUDIT OF THE BOARD OF TRUSTEES OF THE STATE DEFERRED COMPENSATION PLAN AND PLAN ADMINISTRATORS CONTRACTED BY THE BOARD,"

begs leave to report as follows:

     The purpose of this measure is to request the State Auditor to conduct a management and performance audit of the Board of Trustees of the state Deferred Compensation Plan and plan administrators contracted by the Board.

     Testimony in support of this measure was submitted by one organization.  Testimony in opposition to this measure was submitted by one state agency.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

     Your Committee finds that the current recession and instability in financial markets make it crucial for participants of the state Deferred Compensation Plan to be able to easily access information and assistance regarding their investment options, and finds that this measure takes appropriate actions in furtherance of these aims.

     Your Committee has amended this measure by making technical, nonsubstantive changes for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Labor that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 68, as amended herein, and recommends that it be referred to the Committee on Ways and Means, in the form attached hereto as S.C.R. No. 68, S.D. 1.

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

____________________________

DWIGHT Y. TAKAMINE, Chair