STAND. COM. REP. NO. 7

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 158

       S.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Madam:

 

     Your Committee on Judiciary and Labor, to which was referred S.B. No. 158 entitled:

 

"A BILL FOR AN ACT RELATING TO THE BUDGET DOCUMENTS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to require the six-year program and financial plan and budget to include information on pension liability and other post-employment benefits liability.

 

     Your Committee received comments on this measure from the Department of Budget and Finance.

 

     Given the substantial balances of the pension and other post-employment benefits liabilities, your Committee finds it prudent to include information on these liabilities in the State's budget documents.  However, the Employees' Retirement System testified that due to timing issues, it may not be able to provide the information for the most recently completed fiscal year.

 

     Your Committee has amended this measure consistent with the commentary from the Department of Budget and Finance by:

 

     (1)  Amending the description of the information on pension and other post-employment benefit liabilities required to be included in the program and financial plan and budget;

 

     (2)  Inserting an effective date of January 7, 2059, to encourage further discussion; and

 

     (3)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary and Labor that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 158, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 158, S.D. 1, and be referred to the Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Judiciary and Labor,

 

 

 

____________________________

GILBERT S.C. KEITH-AGARAN, Chair