Bill Text: HI HB1143 | 2011 | Regular Session | Introduced
Bill Title: Employees' Retirement System; Board of Trustees; Powers and Duties; Actuarial Assumptions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-02-26 - (H) The committee(s) recommends that the measure be deferred. [HB1143 Detail]
Download: Hawaii-2011-HB1143-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1143 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the employees' retirement system.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 88-105, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) At least once in each five-year
period, commencing with fiscal year 1994-1995, the actuary shall make an
actuarial investigation of the experience of the system and shall recommend to
the board of trustees the adoption for actuarial valuation of the system of
mortality, service, and other assumptions, factors, and tables as shall
be deemed appropriate and necessary[, and the actuary shall recommend to the
legislature for its adoption the investment yield rate]. The actuary shall
further recommend the acceptable funded ratio for the system, taking into
consideration the guaranties of article XVI, section 2 of the state
constitution, section 88-107, and section 88-127."
SECTION 2. Section 88-122, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The actuarial valuations [made
for years after June 30, 1999,] shall be based on [an eight per cent
investment yield rate, salary increase assumptions adopted by the board on the
recommendation of the actuary described under section 88-30, and] the
contribution rates approved by the legislature, and the tables, [contribution
rates,] assumptions, and factors adopted by the board [or
legislature] for actuarial valuations of the system[, subject to
recommendations made by the actuary appointed under section 88-29.];
provided that the investment yield rate assumption for the year ending June 30,
2011, shall be seven and three-quarters per cent."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on June 30, 2011.
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INTRODUCED BY: |
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Report Title:
Employees' Retirement System; Board of Trustees; Powers and Duties; Actuarial Assumptions
Description:
Reduces the investment return yield rate assumption for ERS for the fiscal year ending 06/30/11, to 7 3/4%. Authorizes the ERS board of trustees to set the investment return yield rate assumption after 06/30/11, based on recommendations of the actuary.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
