STAND. COM. REP. NO. 2608

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2369
                                        




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 2369 entitled: 

     "A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT
     SYSTEM,"

begs leave to report as follows:

     The purpose of this bill is to allow a contributory member
of the Employees' Retirement System to make a one-time withdrawal
of contributions in case of financial hardship.

     Your Committee finds that some public employees have had a
rough time weathering the economic downturn in this State and
offering the contributory members the option of withdrawing their
retirement contributions while still in active service may help
those who have suffered severe economic hardship.  By its nature,
contributory members have a percentage of their salary deducted
for their retirement and as a result have less take home pay than
their counterparts in the noncontributory system.  This measure
may help those in need of financial assistance.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your
Committee is in accord with the intent and purpose of S.B. No.
2369 and recommends that it pass Third Reading.


 
a                                                     SB2369
 
 
 
                                   STAND. COM. REP. NO. 2608
                                   Page 2


                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                     SB2369