Bill Text: HI HB271 | 2014 | Regular Session | Introduced
Bill Title: ERS; HGEA; UPW ($)
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-12-18 - Carried over to 2014 Regular Session. [HB271 Detail]
Download: Hawaii-2014-HB271-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
271 |
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TWENTY-SEVENTH LEGISLATURE, 2013 |
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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. The legislature finds that Act 100, Session Laws of Hawaii 1999, enabled the State and the counties to fund retroactive cost items for certain collective bargaining agreements by:
(1) Applying only investment earnings in excess of a ten per cent investment yield rate to the amount of contributions that were otherwise required to be made into the pension accumulation fund for fiscal years 1997 and 1998; and
(2) Prohibiting public sector collective bargaining over cost items for the biennium 1999-2001.
The legislature further finds that as a result of Act 100, approximately $347,000,000 was essentially diverted from the pension accumulation fund between 1999 and 2002 through reductions in employer contributions.
The purpose of this Act is to restore the diverted amounts to the pension accumulation fund.
SECTION 2. The State and the counties shall repay to the pension accumulation fund over a twenty-year period, beginning with fiscal year 2013-2014, their respective portions of the total sum of moneys, adjusted for the time-cost of money, used by the State and the counties to fund retroactive cost items contained in the contracts executed by the Hawaii Government Employees Association and United Public Workers, as exclusive representatives for their respective collective bargaining units, and the State and counties, pursuant to section 3, Act 100, Session Laws of Hawaii 1999.
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2013-2014 to cover the State's portion of the initial payment to repay the pension accumulation fund.
The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.
SECTION 4. This Act shall take effect on July 1, 2013.
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INTRODUCED BY: |
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Report Title:
ERS; HGEA; UPW
Description:
Requires the State and the counties to repay the pension accumulation fund over a twenty-year period for the total sum of moneys that were used by the State and the counties to fund retroactive cost items for HGEA and UPW contracts pursuant to Act 100, Session Laws of Hawaii 1999.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
