STAND. COM. REP. 1159

Honolulu, Hawaii

, 2003

RE: H.C.R. No. 97

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Labor and Public Employment, to which was referred H.C.R. No. 97 entitled:

"HOUSE CONCURRENT RESOLUTION REQUESTING THE EMPLOYEES' RETIREMENT SYSTEM TO CONDUCT A STUDY ON THE FEASIBILITY OF A HYBRID RETIREMENT PLAN,"

begs leave to report as follows:

The purpose of this concurrent resolution is to direct the Employees' Retirement System (ERS) to conduct a study on the feasibility of a hybrid contributory plan.

Supportive testimony was submitted by the ERS. Testimony in opposition was submitted by the Department of Budget and Finance.

Your Committee finds that there is significant interest in the development of a hybrid contributory plan for public employees. Your Committee further finds that the development of such a plan could enhance public sector benefits, thereby creating a significant recruitment and retention tool.

 

Your Committee, however, realizes that there are many questions that must be resolved before the ERS can implement a hybrid contributory plan. Accordingly, after consulting with the Administrator of the ERS, your Committee has amended this measure by including language regarding the legislative intent behind its request for the ERS study, and directing the ERS to address specific issues in its study.

As affirmed by the record of votes of the members of your Committee on Labor and Public Employment that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 97, as amended herein, and recommends that it be referred to the Committee on Finance, in the form attached hereto as H.C.R. No. 97, H.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Labor and Public Employment,

 

____________________________

MARCUS R. OSHIRO, Chair