STAND. COM. REP. NO.31

Honolulu, Hawaii

, 2003

RE: S.B. No. 649

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Labor, to which was referred S.B. No. 649 entitled:

"A BILL FOR AN ACT RELATING TO EMPLOYEES RETIREMENT SYSTEM,"

begs leave to report as follows:

The purpose of this short form measure is to amend the law relating to the Employees' Retirement System.

Your Committee finds that the counties are facing difficult financial situations and it is necessary to review options to decrease costs or at least maintain current levels of funding. Your Committee also finds that expenditures for contributions to the Employees' Retirement System are expected to increase in the future. Therefore, it is necessary to require county contributions for retirement to be maintained at their current levels for one more year.

Accordingly, your Committee has amended this measure to prohibit the Employees' Retirement System from certifying funds owed by a county as a county's share of contributions to fund the pensions of future retirees in an amount greater than the amount certified as the specific county's contribution for fiscal year 2002-2003.

As affirmed by the record of votes of the members of your Committee on Labor that is attached to this report, your Committee is in accord with the action to report out S.B. No. 649, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 649, S.D. 1, and be recommitted to the Committee on Labor, for further consideration.

Respectfully submitted on behalf of the members of the Committee on Labor,

____________________________

BRIAN KANNO, Chair