Bill Text: HI HCR96 | 2016 | Regular Session | Introduced

---

Bill Title: Private Sector Retirement Plans; Task Force

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2016-03-14 - Referred to EDB, FIN, referral sheet 28 [HCR96 Detail]

Download: Hawaii-2016-HCR96-Introduced.html

---

HOUSE OF REPRESENTATIVES	H.C.R. NO.	96
TWENTY-EIGHTH LEGISLATURE, 2016
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

 

 

requesting the director of business, economic development, and tourism to form a retirement security task force.

 

 

 

     WHEREAS, more than 38,000,000 working-age American households do not have any retirement assets; and

 

     WHEREAS, for near-retirement households, the median retirement account balance is only $12,000 and the average working household has a median account balance of only $3,000; and

 

     WHEREAS, older workers are working longer and delaying their retirement and as a result younger workers have far fewer opportunities for jobs and advancement in the workplace; and

 

     WHEREAS, many of today's seniors rely on their children, who are already struggling to raise their own families or are on other social services that are underfunded; and

 

     WHEREAS, more than half of American workers do not have any type of employer-sponsored retirement, and individual savings plans are not filling the gap and have proved risky and unreliable; and

 

     WHEREAS, the future of the State's economic growth relies on the State's aging population having sufficient income in retirement so that they can afford to live independently and have quality healthcare; and

 

     WHEREAS, the State needs a remedy to the retirement security crisis so that residents can look forward to a retirement free from financial anxiety or hardship; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-eighth Legislature of the State of Hawaii, Regular Session of 2016, the Senate concurring, that the Director of Business, Economic Development, and Tourism is requested to establish and serve as the chairperson of a retirement security task force to study, assess, and report on:

 

     (1)  The factors that affect a Hawaii resident's ability to save for a financially secure retirement; and

 

     (2)  The feasibility of creating a retirement savings plan for private sector employees that:

 

          (A)  Allows private sector employees to contribute to a plan that pools all contributions, holds them in a trust, and invests them in a diversified portfolio of assets designed to provide long-term retirement security for the participants;

 

          (B)  Provides for collective management of the plan's assets by professional investment managers, including measures to reduce investment management costs;

 

          (C)  Makes the plan portable;

 

          (D)  Includes options for retirement benefits to be disbursed as guaranteed, lifetime, monthly amounts when the participant retires or becomes disabled;

 

          (E)  Defines appropriate fiduciary standards and investment policies to guide the investment of trust assets to accomplish the plan's long-term objectives; and

 

          (F)  Includes options for defined contribution and defined benefit structures; and

 

     BE IT FURTHER RESOLVED that the Director of Business, Economic Development, and Tourism is further requested to select any number of members at the Director's discretion to serve on the retirement security task force, including members that represent the interests of labor, management, small businesses that employ less than fifty employees, large corporations that employ more than one hundred employees, and non-profit organizations; and

 

     BE IT FURTHER RESOLVED that the Director of Business, Economic Development, and Tourism is requested to submit the findings and recommendations of the retirement security task force, including any proposed legislation, to the Legislature not later than twenty days prior to the convening of the Regular Session of 2017; and

 

     BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Director of Business, Economic Development, and Tourism.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Private Sector Retirement Plans; Task Force