STAND. COM. REP. NO.  1030

 

Honolulu, Hawaii

                , 2015

 

RE:   S.B. No. 1087

      S.D. 1

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

     Your Committee on Labor & Public Employment, to which was referred S.B. No. 1087, S.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is to help reduce the unfunded liabilities of the Employees' Retirement System (ERS) by clarifying the return of accumulated contributions for certain members and the payment of death benefits for hybrid plan members.  Specifically, this measure:

 

     (1)  Establishes an alternative deadline by which the ERS must return the accumulated contributions of contributory and hybrid members who are not eligible for retirement benefits when they terminate employment; and

 

     (2)  Clarifies the death benefit amounts for hybrid members who become members after June 30, 2015.

 

     The Employees' Retirement System supported this measure.

 

     Your Committee has amended this measure by changing the effective date to upon its approval.

 

     As affirmed by the record of votes of the members of your Committee on Labor & Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1087, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1087, S.D. 1, H.D. 1, and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Labor & Public Employment,

 

 

 

 

____________________________

MARK M. NAKASHIMA, Chair