STAND. COM. REP. NO.357

Honolulu, Hawaii

, 2001

RE: H.B. No. 565

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Labor and Public Employment, 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 require retirees and beneficiaries after June 30, 2001, to designate a Financial institution account into which the Employees' Retirement System (ERS) shall be authorized to deposit their semimonthy retirement benefit.

The ERS of the State of Hawaii testified in support of this bill.

Your Committee finds that this method of payment has already been proven to be a safe, convenient, efficient, and reliable way to transfer funds. ERS will also be able to save time and reduce expenses.

As affirmed by the record of votes of the members of your Committee on Labor and Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 565, and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

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

____________________________

TERRY NUI YOSHINAGA, Chair