STAND. COM. REP. 440

Honolulu, Hawaii

, 2003

RE: H.B. No. 403

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Labor and Public Employment, to which was referred H.B. No. 403 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 change the benefit formula used to calculate the retirement benefits of legislative officers appointed after June 30, 2003, from 3.5 percent to 2 percent for each year of credited service in that capacity. This bill would not affect the retirement benefits of legislative officers currently in place or hired prior to June 30, 2003.

The Employees' Retirement System offered comments.

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. 403 and recommends that it be referred to the Committee on Finance.

 

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

 

____________________________

MARCUS R. OSHIRO, Chair