STAND. COM. REP. NO. 3550

Honolulu, Hawaii

RE: H.B. No. 2336

H.D. 1

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 2336, H.D. 1, S.D. 1, entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to authorize the State and counties to make advance payments of their required contributions to the Employees' Retirement System.

Your Committee received written comments in support of this measure from the Department of Budget and Finance, Employees' Retirement System, and one individual.

Your Committee finds that advance payments of employer contributions will serve to reduce the system's unfunded liabilities over time.

Your Committee has amended this measure by:

(1) Specifying the part and subpart of Chapter 88, Hawaii Revised Statutes, into which the new proposed section is to be added; and

(2) Making a technical nonsubstantive change for the purpose of clarity.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2336, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2336, H.D. 1, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

________________________________

DONOVAN M. DELA CRUZ, Chair