Bill Text: HI SCR82 | 2016 | Regular Session | Introduced

Hawaii Senate Concurrent Resolution 82 (Prior Session Legislation)

Introduced

Bill Title: Working Group; Retirement

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2016-03-16 - Referred to CPH/JDL, WAM. [SCR82 Detail]

Download: Hawaii-2016-SCR82-Introduced.html

THE SENATE	S.C.R. NO.	82
TWENTY-EIGHTH LEGISLATURE, 2016
STATE OF HAWAII

SENATE CONCURRENT

RESOLUTION

requesting the department of budget and finance to convene a work and save working group to investigate the FEASIBILITY and impact of establishing a retirement savings trust fund for private-sector employees in the state.

WHEREAS, there is a looming retirement security crisis, as many individuals without access to an employer-sponsored retirement plan are at significant risk of not having enough retirement income to meet basic expenses upon retirement; and

WHEREAS, individuals need a lifelong savings system that will provide them with the opportunity to build their assets and attain future financial stability; and

WHEREAS, providing private-sector employees with access to employer-sponsored retirement plans provides reliable retirement income to supplement social security and helps workers accumulate the savings they need for a secure retirement; and

WHEREAS, approximately fifty percent of Hawaii's private-sector employees work for an employer who does not offer a retirement plan; and

WHEREAS, the lack of opportunity to participate in an employer-provided retirement plan spans all levels of education and earnings; and

WHEREAS, employees of Hawaii's businesses with fewer than one hundred employees are much less likely to have access to a retirement plan than employees of larger businesses; and

WHEREAS, minorities account for about eighty-four percent of the approximately 216,000 private sector employees in Hawaii without a workplace retirement plan; and

WHEREAS, employees who are offered the opportunity to save through the employee's place of employment are significantly more likely to participate and make steady contributions to build retirement savings; and

WHEREAS, retirement savings plans help employees achieve economic security, improve economic mobility, and reduce wealth disparity; now, therefore,

BE IT RESOLVED by the Senate of the Twenty-eighth Legislature of the State of Hawaii, Regular Session of 2016, the House of Representatives concurring, that the Department of Budget and Finance is requested to convene a work and save working group to investigate the feasibility and impact of establishing a retirement savings trust fund to promote greater retirement savings for private-sector employees in the State; and

BE IT FURTHER RESOLVED that the Director of Finance is requested to invite the following individuals to serve on the work and save working group: the Comptroller, Securities Commissioner of the Department of Commerce and Consumer Affairs, a representative of the Chamber of Commerce Hawaii, two members with significant retirement savings and investment experience, one small business representative, one public member, and one employee representative; and

BE IT FURTHER RESOLVED that the work and save working group is requested to prepare guidance or recommendations for:

(1) An investment policy for the trust that preserves the safety of principal and provides a stable and low-risk rate of return; and

(2) A risk management and oversight plan to monitor the risk levels of the investment portfolio and ensure that risks taken are prudent and properly managed; and

BE IT FURTHER RESOLVED that the working group is requested to report its findings and recommendations, including proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2017; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Comptroller, Director of Finance, Securities Commissioner of the Department of Commerce and Consumer Affairs, and President and Chief Executive Officer of the Chamber of Commerce Hawaii.