STAND.
COM. REP. NO. 224-24
Honolulu, Hawaii
, 2024
RE: H.B. No. 2381
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-Second State Legislature
Regular Session of 2024
State of Hawaii
Sir:
Your Committee on Labor & Government Operations, to which was referred H.B. No. 2381 entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM FUNDING PERIOD,"
begs leave to report as follows:
Your Committee finds that due to the Employees'
Retirement System's long-term investment performance, the funding period in
which the Employees' Retirement System is expected to be fully funded has
steadily decreased from the forecasted thirty years in fiscal year 2015-2016 to
twenty-four years in fiscal year 2021-2022.
This measure amends the maximum funding period to amortize the total
unfunded accrued liability of the Employees' Retirement System to start at
twenty-five years and lower by one year each year thereafter until reaching
twenty years, strengthening the Employees' Retirement System over the long term
without impacting the expected path toward full-funding or current contribution
rates.
Your Committee has amended this measure by:
(1) Changing the effective date to July 1, 3000, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Labor & Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2381, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2381, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Labor & Government Operations,
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____________________________ SCOT Z. MATAYOSHI, Chair |
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