STAND. COM. REP. NO. 729

Honolulu, Hawaii

RE:    S.B. No. 1087

       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 Ways and Means, 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 and intent of this measure is to clarify Employees' Retirement System's laws relating to the return of accumulated contributions for certain members and the payment of death benefits for hybrid plan members.

     Specifically, the measure:

(1)  Establishes an alternative deadline by which the Employees' Retirement System 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.

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

     Your Committee finds that these housekeeping amendments will help reduce the unfunded liabilities of the Employees' Retirement System.

     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. 1087, S.D. 1, and recommends that it pass Third Reading.

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

________________________________

JILL N. TOKUDA, Chair