STAND. COM. REP. NO. 3140

Honolulu, Hawaii

RE: S.B. No. 3072

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 3072, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII EMPLOYER-UNION HEALTH BENEFITS TRUST FUND INVESTMENTS,"

begs leave to report as follows:

The purpose and intent of this measure is to ensure that the Hawaii Employer-Union Health Benefits Trust Fund is not disadvantaged as a competitive investor.

Specifically, this measure allows the Hawaii Employer-Union Health Benefits Trust Fund to withhold certain types of alternative investment fund information from public disclosure pursuant to the Uniform Information Practices Act.

Your Committee received written comments in opposition to this measure from UNITE HERE Local 5 and one individual.

Your Committee received written comments on this measure from the Office of Information Practices.

Your Committee finds that this measure would allow the Hawaii Employer-Union Health Benefits Trust Fund to withhold, from public disclosure, the same type of alternative investment fund information that the Employees' Retirement System is allowed to withhold, pursuant to Act 71, Session Laws of Hawaii 2021. Your Committee further finds that maintaining confidentiality of information relating to alternative investments will help to ensure that the trust fund is not disadvantaged as a competitive investor.

Your Committee has amended this measure by:

(1) Making corrections to the text of section 87A-31, Hawaii Revised Statutes, to accurately reflect the printed version of the Hawaii Revised Statutes; and

(2) Making technical nonsubstantive amendments for purposes of clarity and style.

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 S.B. No. 3072, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3072, S.D. 2.

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

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DONOVAN M. DELA CRUZ, Chair