STAND. COM. REP. NO. 412

Honolulu, Hawaii

, 2023

RE: H.B. No. 1505

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Energy & Environmental Protection, to which was referred H.B. No. 1505 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII EMPLOYER-UNION HEALTH BENEFITS TRUST FUND,"

begs leave to report as follows:

The purpose of this measure is to:

(1) Encourage the Hawaii Employer-Union Health Benefits Trust Fund to consider investment opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use investment capital to acquire the infrastructure and services needed to become energy sustainable; and

(2) Appropriate funds to the Hawaii Employer-Union Health Benefits Trust Fund.

Your Committee received testimony in support of this measure from one individual. Your Committee received testimony in opposition to this measure from one individual. Your Committee received comments on this measure from the Hawaii Employer-Union Health Benefits Trust Fund.

Your Committee finds that the Hawaii Employer-Union Health Benefits Trust Fund provides health benefits to eligible state and county employees, retirees, and their dependents. In order to continue to provide quality, affordable health care coverage to eligible participants and to help manage the cost of health care for Hawaii's public employees, the Hawaii Employer-Union Health Benefits Trust Fund has continued to produce investment returns that have outperformed standard benchmarks in the long run, helping to reduce its large unfunded actuarial accrued liability. This measure encourages the Hawaii Employer-Union Health Benefits Trust Fund to develop a program that is consistent with its current investment objectives and considers investment opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents.

Your Committee has amended this measure by:

(1) Changing the effective date to June 30, 3000, to encourage further discussion; and

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

As affirmed by the record of votes of the members of your Committee on Energy & Environmental Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1505, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1505, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Energy & Environmental Protection,

____________________________

NICOLE E. LOWEN, Chair