STAND. COM. REP. NO.  418

Honolulu, Hawaii

                , 2017

RE:   H.B. No. 1182

      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. 1182 entitled:

"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"

begs leave to report as follows:

The purpose of this measure is to require the Employees' Retirement System (ERS) actuary to conduct an annual stress test of the system and, through the ERS Board of Trustees, to submit an annual report of the test to the Legislature.  

The University of Hawaii Professional Assembly supported this measure.  The Employees' Retirement System and a concerned individual provided comments.

     Your Committee has amended this measure by changing the effective date to July 1, 2050, to encourage further discussion.

     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. 1182, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1182, 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,

____________________________

AARON LING JOHANSON, Chair