STAND. COM. REP. NO.462-02
RE: H.B. No. 2460
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Finance, to which was referred H.B. No. 2460, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose of this bill is to reduce the annual contributions of public employers to the Employees' Retirement System (ERS) by amortizing liability over an unspecified period of time, beginning July 1, 2000.
Testimony in support of this measure was submitted by the Department of Budget and Finance. ERS and a concerned citizen opposed this bill.
Your Committee has amended this bill by:
(1) Inserting 29 years as the payment period to liquidate ERS's unfunded accrued liability; 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 Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2460, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2460, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
DWIGHT Y. TAKAMINE, Chair