STAND. COM. REP. NO. 512-04

Honolulu, Hawaii

, 2004

RE: H.B. No. 2558

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 2558 entitled:

"A BILL FOR AN ACT RELATING TO PENSION PLANS,"

begs leave to report as follows:

The purpose of this bill is to protect 401(k) profit sharing plans and 408A individual retirement accounts (Roth IRAs) from creditors.

Your Committee heard testimony in support of this bill from a private attorney.

The attorney also suggested an additional amendment to achieve conformity with the "look back" period in section 548 of the Bankruptcy Code. However, while that proposed amendment is meritorious, it applies to more than pension plans and cannot be accommodated under the title of this bill.

Your Committee has amended this bill by deleting the reference to Roth IRAs, as that change is being made in H.B. No. 2064, H.D. 1. Other technical changes were made to mirror H.B. No. 2064, H.D. 1. Should both bills become law, it is the intent of the Legislature that both the reference to 401(k) and the reference to Roth IRAs be included in section 651-124, Hawaii Revised Statutes, irrespective of which bill became law first.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2558, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2558, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

 

____________________________

KENNETH T. HIRAKI, Chair