Bill Text: HI HB824 | 2012 | Regular Session | Amended

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Bill Title: Unfunded Liability Contribution For State Employees; General Excise Tax Revenue Set-Aside

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB824 Detail]

Download: Hawaii-2012-HB824-Amended.html

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STAND. COM. REP. NO.  401

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 824

     

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Labor & Public Employment, to which was referred H.B. No. 824 entitled:

 

"A BILL FOR AN ACT RELATING TO GOVERNMENT,"

 

begs leave to report as follows:

 

     The purpose of this bill is to address the unfunded accrued liability of the Employees' Retirement System (ERS) by requiring that an amount equivalent to the unfunded accrued liability contribution by the State for state employees during a fiscal year, be set aside from general excise tax revenues for deposit in that fiscal year into a separate account in the general fund.

 

     It is your Committee's intent that this bill serve as one of several legislative proposals for consideration to address the fiscal concerns of our State and put us on a sound and sustainable fiscal path.

 

     The ERS testified in support of this bill.  The Department of Budget and Finance opposed this bill.  The Tax Foundation of Hawaii submitted comments.

 

     As affirmed by the record of votes of the members of your Committee on Labor & Public Employment that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 824 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Labor & Public Employment,

 

 

		____________________________ KARL RHOADS, Chair