STAND. COM. REP. NO. 901-06

Honolulu, Hawaii

, 2006

RE: H.B. No. 2311

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2311 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 enable the Employees' Retirement System (ERS) to maintain its tax-qualified status by prohibiting members from:

(1) Receiving refunds of contributions made while employed by the State or counties; and

(2) Making additional contributions once the member has received a refund of contributions while employed by the State or counties.

The Department of Budget and Finance and Hawaii State Teachers Association testified in support of this bill. The ERS also supported this measure with amendments.

Your Committee has amended this bill by making technical, nonsubstantive amendments for consistency and clarity.

 

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. 2311, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2311, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

 

____________________________

DWIGHT TAKAMINE, Chair