HOUSE OF REPRESENTATIVES	H.B. NO.	2386
TWENTY-SEVENTH LEGISLATURE, 2014
STATE OF HAWAII

A BILL FOR AN ACT

relating to the employees' retirement system.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Chapter 88, Hawaii Revised Statutes, is amended by adding a new section to subpart D of part II to be appropriately designated and to read as follows:

     "§88-   Reports to the director of finance. (a)  The board of trustees shall submit an annual report to the director of finance that sets forth the following information on the status of the system:

(1) A schedule of the funding status;

(2) A schedule of contributions;

(3) Alternative projections for each of the next sixty years of the cash flows associated with current liabilities;

(4) A statement of the actuarial assumptions;

(5) A statement of the number of members who are retired or separated from service and are either receiving benefits or are entitled to future benefits;

(6) A statement of the number of active members;

(7) A statement of the system's investment returns;

(8) A statement of the degree to which unfunded liabilities are expected to be eliminated; and

(9) A statement of the current cost of the system.

(b)  The board of trustees shall post the information required under subsection (a) on its website."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2014.

INTRODUCED BY:

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Report Title:

ERS; B&F; Annual Report

Description:

Requires ERS to submit annual reports to B&F on the status of the system.

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