HCR 104 Summary

• Urges the Department of Commerce and Consumer Affairs to require the Commissioner of Securities be notified of and authorized to attend any public employer-approved meeting where public employees are offered brokerage services by broker-dealers.

• Requires any entity conducting such meetings to notify the Department of Commerce and Consumer Affairs of the meeting's date, time, and location.

• Cites concerns that broker-dealers operating on commission-based compensation are incentivized to maximize sales, potentially leading to riskier investments that benefit brokers over public employees.

• Directs certified copies be transmitted to the Governor, Director of Commerce and Consumer Affairs, Commissioner of Securities, Director of Human Resources Development, and executives of the Employees' Retirement System, Hawaii Employer-Union Health Benefits Trust Fund, and various state employee unions.