STAND. COM. REP. NO.743

Honolulu, Hawaii

, 2001

RE: H.B. No. 565

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 565 entitled:

"A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM,"

begs leave to report as follows:

The purpose of this bill is to expand on a safe, convenient, efficient, and reliable means for the Employees' Retirement System (ERS) to issue semi-monthly retirement benefits by requiring all new retirees and beneficiaries after June 30, 2001, to designate a financial institution account into which ERS may deposit their pensions.

ERS testified in support of this measure.

Passage of this bill will save ERS approximately $60,000 annually in costs associated with the printing, sorting, and mailing of paper checks as well as in the re-issuance of lost or stolen checks.

Your Committee has amended this bill by:

(1) Providing that the method of payment may be waived if another method is more appropriate; and

(2) Making technical, nonsubstantive amendments to the

bill have been made for purposes of style and clarity.

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 H.B. No. 565, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 565, H.D. 1.

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

____________________________

DWIGHT Y. TAKAMINE, Chair