Bill Text: HI SB2394 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Deferred Compensation Plan; Board of Trustees

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Passed) 2010-04-30 - (S) Act 065, 4/29/2010, veto override. [SB2394 Detail]

Download: Hawaii-2010-SB2394-Amended.html

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STAND. COM. REP. NO. 2378

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 2394

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Madam:

 

     Your Committee on Labor, to which was referred S.B. No. 2394 entitled:

 

"A BILL FOR AN ACT RELATING TO THE BOARD OF TRUSTEES OF THE DEFERRED COMPENSATION PLAN,"

 

begs leave to report as follows:

 

     The purpose of this measure is to:

 

     (1)  Alter the composition of the Board of Trustees of the Deferred Compensation Plan by making the Director of Human Resources Development an ex officio member and not requiring the Director to be the chairperson;

 

     (2)  Increase the number of elected public employees who represent employee interests from three to five; and

 

     (3)  Require that the five public employees be elected, rather than nominated and appointed by the Governor and subject to the advice and consent of the Senate.

 

     Testimony in support of this measure was submitted by one private organization.  Testimony in opposition of this measure was submitted by one state agency.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that restructuring the administrative structure of the Board of Trustees of the Deferred Compensation Plan will provide employee-beneficiaries with increased decision-making authority over the Deferred Compensation Plan's operations.  Your Committee also finds that establishing trustees through an election process will allow the most qualified and desirable candidates to serve on the Board of Trustees.

 

     As affirmed by the record of votes of the members of your Committee on Labor that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2394 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Labor,

 

		____________________________ DWIGHT Y. TAKAMINE, Chair