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HI HB32
Bill
Status
1/19/2017
Primary Sponsor
Isaac Choy
Click for details
AI Summary
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Amends Section 88-90.5 of Hawaii Revised Statutes to require legislative approval of the Employees' Retirement System (ERS) Board's investment yield rate assumption before it can be used to compute benefits.
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Mandates that the ERS Board submit a resolution to the legislature specifying the investment yield rate assumption and its rationale for adoption.
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Requires the legislature to approve the investment yield rate assumption through adoption of a concurrent resolution before the Board may implement it for benefit calculations.
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Establishes that any approved investment yield rate shall remain in effect for a minimum of three years from the date of legislative approval.
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Takes effect on July 1, 2017.
Legislative Description
Relating To The Employees' Retirement System.
ERS
Last Action
The committee(s) on LAB recommend(s) that the measure be deferred.
2/16/2017