Report Title:

Deferred Compensation

Description:

Increases from 3 to 5 the number of members of the board of trustees of the state deferred compensation plan who must be public employees. Requires that the public employees be elected by the plan members.

HOUSE OF REPRESENTATIVES

H.B. NO.

949

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO THE BOARD OF TRUSTEES OF THE DEFERRED COMPENSATION PLAN.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 88E-4, Hawaii Revised Statutes, is amended to read as follows:

"§88E-4 Composition of the board of trustees. The board of trustees shall consist of seven members as follows:

(1) The director of human resources development of the State who shall serve as its chairperson;

(2) The director of finance of the State or a designated representative, ex officio;

(3) Five other persons, [three of whom] who shall be public employees and represent employee interests[.], to be elected by the members of the plan under rules adopted by the board."

SECTION 2. Section 88E-5, Hawaii Revised Statutes, is amended to read as follows:

"§88E-5 [Appointment] Election and terms. Except for the directors of human resources development and finance, the members of the board shall [be nominated and, by and with the advice and consent of the senate, appointed by the governor and shall] serve terms of four years each; provided that of the trustees first [appointed upon establishment of] elected to the board one shall be [appointed] elected for one year, one shall be [appointed] elected for two years, one shall be [appointed] elected for three years, and two shall be [appointed] elected for four years.

A vacancy on the board shall be filled by appointment [of the governor.] for the unexpired term of a trustee by the remaining trustees. The person appointed to fill a vacancy shall serve for the remainder of the unexpired term. If by the end of a term a trustee is not [reappointed] reelected or a successor [is not appointed,] has not yet been elected, the trustee shall serve until the trustee's successor is [appointed.] duly sworn in to office.

Membership on the board shall not be deemed incompatible with the holding of any other public employment."

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on July 1, 2005.

INTRODUCED BY:

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