STAND. COM. REP. NO.381

Honolulu, Hawaii

, 2001

RE: H.B. No. 1675

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committees on Education and Labor and Public Employment, to which was referred H.B. No. 1675 entitled:

"A BILL FOR AN ACT RELATING TO THE DEPARTMENT OF EDUCATION,"

beg leave to report as follows:

The purpose of this bill is to change the employees’ annuity contracts law to the employees’ annuity and custodial account contracts law. It allows the Department of Education and the University of Hawaii to invest in a custodial account for employees.

The Department of Education supported the bill.

As affirmed by the records of votes of the members of your Committees on Education and Labor and Public Employment that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1675 and recommend that it pass Second Reading and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committees on Education and Labor and Public Employment,

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TERRY NUI YOSHINAGA, Chair

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KEN ITO, Chair