STAND. COM. REP. NO. 1745_______

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: S.B. No. 951
                                     S.D. 1
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No.
951, S.D. 1, H.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO EMPLOYEE BENEFIT PLANS,"

begs leave to report as follows:

     The purpose of this bill is to:

     (1)  Authorize the University of Hawaii (UH) and the
          Department of Education (DOE) to establish custodial
          accounts for their employees;

     (2)  Authorize UH and DOE to make periodic salary
          withholdings for deposit into those accounts; and

     (3)  Immunize UH, DOE, and the State from investment
          liability.

     UH, DOE, the Hawaii State Association of Life Underwriters,
and the Hawaii State Teachers Association testified in support of
this measure.

     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.
951, S.D. 1, H.D. 1, and recommends that it pass Third Reading.


 
 
 
                                 STAND. COM. REP. NO. 1745_______
                                 Page 2

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



                                   ______________________________
                                   DWIGHT Y. TAKAMINE, Chair