STAND. COM. REP. NO. 1182

 

Honolulu, Hawaii

                  

 

RE:    S.C.R. No. 67

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Labor, to which was referred S.C.R. No. 67 entitled:

 

"SENATE CONCURRENT RESOLUTION REQUESTING THE HOUSE AND SENATE COMMITTEES ON LABOR TO CONDUCT JOINT HEARINGS TO ASSESS THE PERFORMANCE OF THE BOARD OF TRUSTEES OF THE DEFERRED COMPENSATION PLAN AND PLAN ADMINISTRATORS, AND TO RECOMMEND APPROPRIATE MEANS TO RESOLVE COMPLAINTS BY PLAN MEMBERS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to request the House and Senate Committees on Labor to conduct joint hearings to assess the performance of the Board of Trustees of the state Deferred Compensation Plan and plan administrators, and to recommend appropriate means to resolve complaints by Plan members.

 

     Testimony in support of this measure was submitted by one organization.  Testimony in opposition to this measure was submitted by one state agency.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that the current recession and instability in financial markets make it crucial for participants of the state Deferred Compensation Plan to be able to easily access information and assistance regarding their investment options.

 

     Your Committee has amended this measure by making technical, nonsubstantive changes for the purposes of clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Labor that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 67, as amended herein, and recommends its adoption in the form attached hereto as S.C.R. No. 67, S.D. 1.

 

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

 

 

 

____________________________

DWIGHT Y. TAKAMINE, Chair