STAND. COM. REP. NO. 1274
RE: H.B. No. 1182
Honorable Ronald D. Kouchi
President of the Senate
Twenty-Ninth State Legislature
Regular Session of 2017
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 1182, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose and intent of this measure is to increase oversight of the Employees' Retirement System by requiring:
(1) The Employees' Retirement System actuary to conduct annual stress tests of the system to obtain projections of assets, liabilities, costs, contributions, and benefit payments; and
(2) The Board of Trustees of the Employees' Retirement System to report the results to the Legislature.
Your Committee received written comments in support of this measure from the University of Hawaii Professional Assembly.
Your Committee received written comments on this measure from the Employees' Retirement System.
Your Committee finds that requiring the Employees' Retirement System to perform an annual stress test and report its findings to the Legislature will provide the public with a level of transparency that is currently not in place in the system and will ensure that the decisions of the Board of Trustees of the Employees' Retirement System, which can have statewide implications, are not made in a vacuum.
Your Committee has amended this measure by changing the effective date from January 7, 2059, to July 1, 2017.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1182, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1182, H.D. 1, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
JILL N. TOKUDA, Chair