STAND. COM. REP. NO. 1582

Honolulu, Hawaii

, 2005

RE: S.B. No. 1194

S.D. 1

H.D. 2

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 1194, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE BOARD OF TRUSTEES OF THE DEFERRED COMPENSATION PLAN,"

begs leave to report as follows:

The purpose of this bill is to improve the State Deferred Compensation System by allowing the public employee members of the Board of Trustees of the Deferred Compensation Plan (Board) to be elected rather than appointed.

The Hawaii Government Employees Association, AFSCME Local 152, AFL-CIO, supported the intent of this bill. The Board and two concerned individuals opposed this measure. The Department of Human Resources Development offered comments.

Your Committee has amended this bill by:

(1) Changing the effective date to July 1, 2010 to encourage further discussion; and

(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

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 S.B. No. 1194, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1194, S.D. 1, H.D. 2.

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

 

____________________________

DWIGHT TAKAMINE, Chair