Bill Text: HI HR245 | 2011 | Regular Session | Amended
Bill Title: Measuring the effectiveness of the Post Retirement Allowance.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2011-03-31 - (H) Report adopted. referred to the committee(s) on LMG as amended in HD 1 with none voting no and Herkes, McKelvey, Takumi excused. [HR245 Detail]
Download: Hawaii-2011-HR245-Amended.html
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HOUSE OF REPRESENTATIVES |
H.R. NO. |
245 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 1 |
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STATE OF HAWAII |
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HOUSE RESOLUTION
REQUESTING THE LEGISLATIVE REFERENCE BUREAU TO CONDUCT A STUDY TO MEASURE THE EFFECTIVENESS OF THE POST RETIREMENT ALLOWANCE IN FULFILLING ITS PURPOSE TO HELP OFFSET THE RISING COST OF LIVING AND KEEP UP WITH INFLATION.
WHEREAS, Chapter 88-90, Hawaii Revised Statutes, creates a Post Retirement Allowance in the Employees' Retirement System; and
WHEREAS, the pension benefit of state and county employees is calculated via a formula that uses various factors, including time of service and average annual salary, to determine the amount of final compensation; and
WHEREAS, the Post Retirement Allowance benefit is a fixed, uncompounded amount of compensation based upon a formula using two and one-half percent of a retiree's pension multiplied by a retiree's years of service; and
WHEREAS, inflation is an inescapable economic reality that causes all citizens to inevitably pay more over time for goods and services; and
WHEREAS, the Post Retirement Allowance benefit is meant to assist retirees on fixed or semi-fixed incomes to mitigate the effects of inflation; and
WHEREAS, many believe that the current fixed
percentage calculation of the Post Retirement Allowance does not allow pension
recipients to keep up with the cost of living; now, therefore,
BE IT RESOLVED by the House of Representatives of the Twenty-sixth
Legislature of the State of Hawaii, Regular Session of 2011, that the Legislative
Reference Bureau is requested to:
(1) Conduct a study on the current Post Retirement Allowance to determine whether it is fulfilling its purpose of maintaining a standard of living for retired members and beneficiaries; and
(2) Determine whether the Post Retirement Allowance is supplementing pensions sufficiently to keep up with inflation;
and
BE IT FURTHER RESOLVED that the Legislative Reference Bureau submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than 20 days prior to the convening of the Regular Session of 2012; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Acting Director of the Legislative Reference Bureau, the Administrator of the Employees' Retirement System, the President of the Hawaii State Teachers Association – Retired, and the President of the Hawaii Government Employees Association Retirees Unit.
Measuring the effectiveness of the Post Retirement Allowance.
