STAND. COM. REP. NO.1204-02
RE: S.B. No. 2715
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 S.B. No. 2715, S.D. 1, 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 simplify and facilitate the administration and processing of pension benefits by the Employees' Retirement System (ERS) by, among other things:
(1) Allowing a pensioner's beneficiary to receive a full rather than a prorated monthly pension for the month in which the pensioner dies;
(2) Providing for monthly instead of semimonthly benefit payments to individuals who retire or become beneficiaries after January 1, 2003;
(3) Authorizing the ERS to require state or county departments or agencies to furnish information to the ERS;
(4) Extending from 90 days to 150 days, the period to file a written application specifying the day of retirement;
(5) Providing that retirement is effective on the first day of the month; and
(6) Simplifying the computation of retirement service credits and average final compensation.
The Department of Budget and Finance and ERS testified in support of this measure.
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 S.B. No. 2715, S.D. 1, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
DWIGHT Y. TAKAMINE, Chair