STAND. COM. REP. NO. 772

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 936

       S.D. 2

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

 

Sir:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 936, S.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to update the Employees' Retirement System laws relating to pension benefits administration.

 

Specifically, the measure:

 

(1)  Extends the benefit finalization period for December 31 retirements;

 

(2)  Changes the interest rate for late benefit finalizations;

 

(3)  Extends the deadline for certain employer payments; and

 

(4)  Allows a delegation of certain disability retirement and service-connected death benefit approval functions.

 

     Your Committee received written comments in support of this measure from the Employees' Retirement System.

 

     Your Committee finds that this housekeeping measure proposed by the administration will enable the Employees' Retirement System to improve its services to members and beneficiaries.

 

     Your Committee has amended this measure by:

 

(1)  Correcting errors in the quoted statutory text; and

 

(2)  Clarifying amending language.

 

     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. 936, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 936, S.D. 2.

 

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

 

 

 

________________________________

JILL N. TOKUDA, Chair