STAND. COM. REP. NO. 995

Honolulu, Hawaii

, 2005

RE: H.B. No. 5

H.D. 1

 

 

 

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 H.B. No. 5 entitled:

"A BILL FOR AN ACT RELATING TO THE UNIVERSITY OF HAWAII,"

begs leave to report as follows:

The purpose of this bill is to make the optional retirement plan for University of Hawaii employees permanent.

The University of Hawaii, University of Hawaii Professional Assembly, Teachers Insurance and Annuity Association College Retirement Equities Fund, and AIG VALIC supported this bill. The Hawaii Government Employees Association supported the intent of this measure.

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 changes 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 H.B. No. 5, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 5, H.D. 1.

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

 

____________________________

DWIGHT TAKAMINE, Chair