STAND. COM. REP. NO. 1550-14
RE: S.B. No. 1249
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Seventh State Legislature
Regular Session of 2014
State of Hawaii
Your Committee on Finance, to which was referred S.B. No. 1249, S.D. 2, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE COMPENSATION OF TRUSTEES,"
begs leave to report as follows:
(1) Provides that trustees are entitled to compensation as specified in the measure; provided the compensation is reasonable;
(2) Provides that banks and trust companies serving as trustees are entitled to reasonable compensation, which may be included in the bank or trust companies' published fee schedule;
(3) Requires that advanced written notice of any amendment to a bank or trust company's fee schedule be provided to the settlor or, after the settlor's death, to all beneficiaries;
(4) In the case where there is more than one trustee, provides for the division of fees that is calculated on the trust assets at the inception of the trust;
(5) Provides for cost-of-living adjustments to specified annual fees due to a trustee in accordance with changes in the Consumer Price Index using the year 2014 as the base; and
(6) Specifies that this measure shall not infringe on an interested party's right to petition the court for review under Article VII of Chapter 560, Hawaii Revised Statutes, relating to the Trust Administration Law.
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. 1249, S.D. 2, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
SYLVIA LUKE, Chair