Bill Text: HI HB835 | 2012 | Regular Session | Amended

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Bill Title: Constitutional Amendment; Excess Revenues; Retirement Benefits

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-02-28 - (H) The committee(s) on FIN recommend(s) that the measure be deferred. [HB835 Detail]

Download: Hawaii-2012-HB835-Amended.html

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STAND. COM. REP. NO.  578-12

 

Honolulu, Hawaii

                , 2012

 

RE:   H.B. No. 835

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Judiciary, to which was referred H.B. No. 835, H.D. 1, entitled:

 

"A BILL FOR AN ACT PROPOSING AN AMENDMENT TO ARTICLE VII, SECTION 6, OF THE HAWAII CONSTITUTION, RELATING TO THE DISPOSITION OF EXCESS REVENUES,"

 

begs leave to report as follows:

 

     The purpose of this measure is to provide a mechanism to reduce unfunded liabilities for pension benefits and other post-employment benefits for state employees.

 

More specifically, the measure proposes an amendment to the state constitution to use excess general fund revenues for this purpose in any one fiscal year when the general fund revenues are projected to exceed the previous fiscal year's revenues by seven percent or more.

 

     The Department of Budget and Finance testified in support of this measure.  The Legislative Tax Bill Service offered comments on this measure.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 835, H.D. 1, and recommends that it be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Judiciary,

 

 

		____________________________ GILBERT KEITH-AGARAN, Chair