STAND. COM. REP. NO. 1427-18
RE: S.B. No. 2767
Honorable Scott K. Saiki
Speaker, House of Representatives
Twenty-Ninth State Legislature
Regular Session of 2018
State of Hawaii
Your Committee on Labor & Public Employment, to which was referred S.B. No. 2767, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"
begs leave to report as follows:
The purpose of this measure is to amend provisions that specify the method of purchasing additional service credits by pre-tax contribution to ensure that the tax-qualified status of the Employees' Retirement System is maintained under the federal Internal Revenue Code.
Your Committee has amended this measure by changing its effective date to January 1, 2050, to facilitate further discussion.
As affirmed by the record of votes of the members of your Committee on Labor & Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2767, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2767, S.D. 2, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Labor & Public Employment,
AARON LING JOHANSON, Chair