Report Title:

ERS Investment Manager Review

Description:

Requires ERS to review its investment managers through a formalized request for proposal process conducted every four years.

HOUSE OF REPRESENTATIVES

H.B. NO.

388

TWENTY-SECOND LEGISLATURE, 2003

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to the employees' retirement system.

 

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

SECTION 1. Chapter 88, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§88- Investment managers; evaluations. (a) Beginning July 1, 2003, investment managers of the system shall be evaluated by asset class against other qualified managers providing similar services through a process using request for proposals pursuant to chapter 103D. Evaluations shall be conducted every four years.

(b) The board of trustees shall report to the legislature on the evaluations required by subsection (a) no later than twenty days before the convening of the regular session of 2004 and every four years thereafter."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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