STAND. COM. REP. NO. 615

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1249

       S.D. 2

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1249, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE COMPENSATION OF TRUSTEES,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to clarify the compensation to which trustees are entitled.

 

     One individual submitted written comments in support of this measure.

 

     Your Committee finds that past ambiguities in the law regarding trustee compensation have led to disputes between beneficiaries and trustees that resulted in litigation.  Your Committee further finds that clarifying the trustee fee provisions will create a compensation system that is fair to beneficiaries and trustees and will thereby reduce the need for court intervention.

 

     Your Committee has amended this measure by:

 

(1)  Changing the effective date to July 1, 2050, to encourage further discussions on the measure; and

 

(2)  Making technical nonsubstantive amendments for clarity, consistency, and style.

 

     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. 1249, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1249, S.D. 2.

 

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

 

 

 

____________________________

DAVID Y. IGE, Chair