STAND. COM. REP. NO. 413
Honolulu, Hawaii
, 2017
RE: H.B. No. 1061
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Ninth State Legislature
Regular Session of 2017
State of Hawaii
Sir:
Your Committee on Labor & Public Employment, to which was referred H.B. No. 1061 entitled:
"A BILL FOR AN ACT RELATING TO EMPLOYER CONTRIBUTIONS TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
Your Committee finds that the rates for employer contributions to the System are subject to adjustment under section 88-122, Hawaii Revised Statutes, if the period required to amortize the unfunded accrued liability of the System exceeds 30 years. Based on recent actuarial assumptions of the current contribution rates, the period required to amortize the unfunded accrued liability of the System will exceed 30 years. Your Committee further finds that the employer contribution rates need to be increased to achieve a funding period of 30 years or less.
Your Committee has amended this measure by:
(1) Changing its effective date to July 1, 2050, to facilitate further discussion; and
(2) Making technical nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Labor & Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1061, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1061, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Labor & Public Employment,
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____________________________ AARON LING JOHANSON, Chair |
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