HOUSE OF REPRESENTATIVES

H.B. NO.

989

TWENTY-NINTH LEGISLATURE, 2017

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE BOARD OF TRUSTEES OF THE EMPLOYEES' RETIREMENT SYSTEM.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Section 88-29, Hawaii Revised Statutes, is amended to read as follows:

     "§88-29  Officers, employees, legal adviser.  The board shall elect from its membership a chairperson, and by a majority vote of all its members, shall appoint an executive director and a chief investment officer who shall be exempt from chapter 76 and serve under and at the pleasure of the board.  Effective July 1, 2007, the salaries of the executive director and chief investment officer shall be set by the board.  The board shall engage actuarial and other services as shall be required to transact the business of the system.  The compensation for all services engaged by the board, and all other expenses of the board necessary for the operation of the system, shall be paid at rates and in amounts the board shall approve.

     The attorney general [or an appointed representative may] shall serve as legal adviser to the board [or the board may select its own legal counsel]."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Employees' Retirement System; Attorney General; Legal Representation

 

Description:

Requires the attorney general to serve as legal adviser to the board of trustees of the employees' retirement system and repeals the authority of an appointed representative or outside counsel selected by the board to serve as legal advisor.

 

 

 

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