THE SENATE

S.C.R. NO.

163

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 
   


SENATE CONCURRENT

RESOLUTION

 

REQUESTING THE employees' RETIREMENT SYSTEM OF THE STATE OF HAWAII TO REPORT TO THE LEGISLATURE ON the feasibility of increasing the cost of living adjustment provided to PUBLIC SECTOR retirants.

 

WHEREAS, with the State's expanding economy, the cost of everyday needs has risen due to the resultant inflation; and

WHEREAS, many public sector retirants are already facing rising health care and cost of living expenses; and

WHEREAS, to compound the situation, this rise in inflation and the cost of living has caused many retirees to suffer because their retirement was calculated using the lower salaries they received during their employment years; and

WHEREAS, according to statistical data, people are living longer, hence, longer-lived retirees on fixed incomes, over time, will also face financial hardship due to rising health care and cost of living expenses; and

WHEREAS, assistance is needed for retired public servants living on fixed incomes to keep pace with the rising costs of living; and

WHEREAS, moreover, the 2.5 per cent cost of living allowance afforded to public sector retirees each July has not been changed since 1970 and, as such, does not accurately reflect the financial needs of existing and future retirants; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-third Legislature of the State of Hawaii, Regular Session of 2005, the House of Representatives concurring, that the Employees' Retirement System of Hawaii is requested to report to the Legislature on the feasibility of increasing the cost of living adjustment percentage as stated in section 88-90(b), Hawaii Revised Statutes, and make recommendations for a suitable increase that would help retirants' pensions keep pace with inflation and the cost of living; and

BE IT FURTHER RESOLVED that the Employees' Retirement System is requested to submit findings, recommendations, and draft legislation, if necessary, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2006; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Board of Trustees and the Administrator of the Employees' Retirement System.

 

 

 

OFFERED BY:

_____________________________

Report Title:

Employees' Retirement System; Cost of Living Increase