REPORT TITLE:
Employees' Retirement System


DESCRIPTION:
Specifies the amount and when each county's share of the ERS
contribution is due.  Allows the State to withhold certain funds
if the required amounts are not paid by the prescribed dates, and
enables the ERS to charge interest on delinquent rates.  (SD1)



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        2448
HOUSE OF REPRESENTATIVES                H.B. NO.           S.D. 1
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.


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

 1      SECTION 1.  Section 88-126, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "88-126  Certification and payment of county contributions
 
 4 to system.  The board of trustees shall certify annually to the
 
 5 councils of each county and to the director of finance of the
 
 6 State the amount due from each county on account of its employees
 
 7 who are members of the system.  The council of each county shall
 
 8 include in its annual budget the amount certified to it by the
 
 9 board.  The [amount shall be paid by the] county shall pay at
 
10 least fifty per cent of the amount before October 1 and the
 
11 remaining amount shall be paid by April 1 of each fiscal year.
 
12 If the amount or any portion thereof is not paid by the county
 
13 before October 1 and April 1 of each fiscal year, the director of
 
14 finance shall retain out of [the real property tax money
 
15 collected for the year] moneys collected under section 237D-6.5,
 
16 or any other collections for transfer to the county a sum equal
 
17 to the amount or portion thereof not so paid.  All the moneys
 
18 retained and collected by the director of finance shall be
 
19 deposited in the appropriate fund or funds of the system.  The
 
20 amount of any deficiency in meeting the obligations shall be
 

 
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                                     H.B. NO.           S.D. 1
                                            
                                                        


 1 added to the amount due from the county for the succeeding
 
 2 year[.] and shall include interest at the investment yield rate
 
 3 stipulated in section 88-122(b)."
 
 4      SECTION 2.  Statutory material to be repealed is bracketed.
 
 5 New statutory material is underscored.
 
 6      SECTION 3.  This Act, upon its approval, shall take effect
 
 7 on July 1, 2010.