STAND. COM. REP. 766

Honolulu, Hawaii

, 2003

RE: H.B. No. 553

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 553, H.D. 1, 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 restore the method used to calculate an Employees' Retirement System (ERS) member's average final compensation to the formula used prior to the enactment of Act 128, Session Laws of Hawaii 2002, in addition to other clarifying amendments to the ERS law.

The ERS Board of Trustees and Hawaii State Teachers Association testified in support of this measure.

Your Committee has amended this bill by:

(1) Not removing language that specifies that the law pertains to pensions received from the State or counties; and

(2) Changing the effective date to July 1, 2003, except that the sections pertaining to the allowance on service retirement and average final compensation are retroactive to January 1, 2003.

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. 553, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 553, H.D. 2.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair