STAND. COM. REP. NO. 762-22

Honolulu, Hawaii

, 2022

RE: H.B. No. 2469

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2469, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE UNEMPLOYMENT COMPENSATION TRUST FUND,"

begs leave to report as follows:

The purpose of this measure is to:

(1) Establish an Unemployment Compensation Insolvency Special Fund to be expended solely to resolve an Unemployment Compensation Trust Fund insolvency emergency declared by the Governor;

(2) Allow the Governor to declare an Unemployment Compensation Trust Fund insolvency emergency and to expend monies from the special fund if the Director of Finance determines that the trust fund balance is insufficient to meet the State's obligations; and

(3) Appropriate monies into the Unemployment Compensation Insolvency Special Fund.

Your Committee received testimony in support of this measure from the Hawaii Food Industry Association. Your Committee received comments on this measure from the Department of Budget and Finance, Department of Labor and Industrial Relations, and Tax Foundation of Hawaii.

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 H.B. No. 2469, 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