STAND. COM. REP. NO.  1762

Honolulu, Hawaii

                , 2017

RE:   S.B. No. 249

      S.D. 2

      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 Finance, to which was referred S.B. No. 249, S.D. 2, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO RETIREMENT,"

begs leave to report as follows:

The purpose of this measure is to reduce the rate that is applied in the calculation of retirement benefits for new judicial appointments, from 3.0 to 2.0 percent of the member's average final compensation.

The Judiciary; Hawai‘i State Trial Judges Association; Hawaii Government Employees Association, AFSCME Local 152, AFL-CIO; Hawaii Fire Fighters Association; University of Hawaii Professional Assembly; Community Alliance on Prisons; Hawaii County Bar Association; American Board of Trial Advocates; and many individuals opposed this measure.  The Employees' Retirement System and West Hawaii Bar Association provided comments.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 249, S.D. 2, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

SYLVIA LUKE, Chair