STAND. COM. REP. NO.  646-10

 

Honolulu, Hawaii

                , 2010

 

RE:   H.B. No. 2855

      H.D. 2

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2855, H.D. 1, 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 work toward reducing the unfunded actuarial accrued liability (unfunded liability) of the Employees' Retirement System (ERS) by requiring the ERS Board of Trustees to study and recommend a plan, including proposed legislation, to fully amortize the unfunded liability over a 30-year period.

 

     Employees' Retirement System and the Department of Human Resources of the City and County of Honolulu provided comments.

 

     Your Committee has amended this bill by making technical, nonsubstantive amendments 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. 2855, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2855, H.D. 2.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair