THE SENATE

S.B. NO.

933

TWENTY-NINTH LEGISLATURE, 2017

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO INVESTMENT PERSONNEL OF THE EMPLOYEES' RETIREMENT SYSTEM.

 

 

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

 


     SECTION 1.  Section 88-29.5, Hawaii Revised Statutes, is amended to read as follows:

     "[[]§88-29.5[]]  Investment personnel.  The board may, through its executive director, appoint one or more investment officers[,] and investment professionals, under the direction of the chief investment officer, [prescribing] prescribe their duties and qualifications and [fixing] fix their salaries[, who].  Investment officers and investment professionals, including investment specialists, who are appointed pursuant to this section, shall be exempt from [chapter] chapters 76[.] and 89."

     SECTION 2.  A person in service as an investment specialist on the effective date of this Act shall have the option, which if exercised shall be irrevocable, to remain subject to chapter 76, Hawaii Revised Statutes, so long as the person remains an investment specialist.

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act, upon its approval, shall take effect on July 1, 2017.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST

 


 


 

Report Title:

Employees' Retirement System; Personnel

 

Description:

Allows the Board of Trustees of the Employees' Retirement System, through its Executive Director, to appoint one or more investment professionals and changes the status of investment specialists from civil service to exempt from civil service.

 

 

 

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