THE SENATE

THE TWENTY-SECOND LEGISLATURE

REGULAR SESSION OF 2004

COMMITTEE ON LABOR

Senator Brian Kanno, Chair

Senator Les Ihara, Jr., Vice Chair

AMENDED NOTICE OF HEARING

 

DATE:

Wednesday, March 17, 2004

TIME:

1:15 p.m.

PLACE:

Conference Room 225

State Capitol

415 South Beretania Street

A M E N D E D A G E N D A

The following bills have been deleted from agenda:

     

HB 2262

HD1

(HSCR722-04)

RELATING TO PENSION AND RETIREMENT SYSTEMS.

Provides that if a police officer who suffers from a service-connected disability continues public service in any position other than as a police officer, the member's retirement allowance shall be 2-1/2% of the member's average final compensation for each year of credited service as a police officer. (HB2262 HD1)

LBR, WAM

HB 2398

HD2

(HSCR723-04)

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.

Establishes the employer contributions to the Employees' Retirement System at 15.75 percent of the member's compensation for police and firefighters and 13.75 percent of the member's compensation for all other employees beginning in FY 2005-2006. Eliminates the separate computation of contributions for the Early Incentive Retirement Plan and includes in the total contributions computed as a stated percentage of compensation payment for the remaining amounts due for the Plan as of June 30, 2005. (HB2398 HD2)

LBR, WAM

HB 2403

HD1

(HSCR708-04)

RELATING TO THE FEDERAL TAX LIMIT ON COMPENSATION APPLICABLE TO THE EMPLOYEES' RETIREMENT SYSTEM.

Applies the federal tax limits on pension compensation effective 7/1/96, and adds a nontax-qualified arrangement to protect benefits accrued in excess of the federal tax limits for the period 7/1/96, through 6/30/04. Appropriates an unspecified amount of funds to pay the nontax-qualified benefits. (HB2403 HD1)

LBR, WAM

HB 2404

HD1

(HSCR715-04)

RELATING TO FEDERAL TAX QUALIFICATION OF THE EMPLOYEES' RETIREMENT SYSTEM.

Incorporates some of the required provisions into chapter 88 and authorizes the Board of Trustees to adopt as rules the remainder of the required provisions that are not presently part of chapter 88 or the rules of the ERS. Incorporates federal tax provisions relating to pension plans of State and local government. Gives the Board of Trustees expedited rulemaking authority for the limited purpose of adopting rules to comply with the requirements of IRC section 401 (a). (HB2404 HD1)

LBR, WAM

FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT 586-6830.

 

 

________________________________________

Senator Brian Kanno

Chair