REPORT TITLE:
ERS


DESCRIPTION:
Requires the employees' retirement system board of trustees to
appoint a chief investment officer not subject to civil service
laws. (HB1035 SD2)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1035
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 1
TWENTIETH LEGISLATURE, 1999                                S.D. 2
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 88-29, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "88-29  Officers, employees, legal adviser.  The board of
 
 4 trustees shall elect from its membership a chairperson, and by a
 
 5 majority vote of all its members, shall appoint an administrator
 
 6 and a chief investment officer who shall be exempt from chapters
 
 7 76 and 77 and serve under and at the pleasure of the board.
 
 8 Effective July 1, 1992, the salary of the administrator shall be
 
 9 set by the board within the range established for deputy
 
10 directors.  The board shall engage actuarial and other services
 
11 as shall be required to transact the business of the system.  The
 
12 compensation for all services engaged by the board, and all other
 
13 expenses of the board necessary for the operation of the system,
 
14 shall be paid at rates and in amounts the board shall approve.
 
15      The attorney general or an appointed representative may
 
16 serve as legal adviser to the board of trustees or the board of
 
17 trustees may select its own legal counsel."
 
18      SECTION 2.  New statutory material is underscored.
 
19      SECTION 3.  This Act shall take effect upon its approval.