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HI SB1216
Bill
Status
1/26/2011
Primary Sponsor
Maile Shimabukuro
Click for details
AI Summary
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Reduces the investment yield rate assumption for the Employees' Retirement System to 7.75% for the fiscal year ending June 30, 2011.
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Transfers authority to set the investment yield rate assumption after June 30, 2011, from the legislature to the board of trustees based on actuary recommendations.
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Authorizes the board of trustees to adopt actuarial assumptions, factors, and tables recommended by the actuary without legislative approval.
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Removes the requirement that the actuary recommend the investment yield rate to the legislature for its adoption.
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Takes effect on June 30, 2011.
Legislative Description
Employees' Retirement System; Powers and Duties; Board of Trustees; Actuarial Assumptions
Last Action
(S) The committee on JDL deferred the measure.
2/14/2011