Bill Text: HI SB881 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: VEBA Trusts; Trust Insolvency

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB881 Detail]

Download: Hawaii-2010-SB881-Amended.html

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Report Title:

VEBA Trusts; Trust Insolvency

 

Description:

Requires a voluntary employees' beneficiary association trust and the employee organization that established the trust, upon the insolvency of the trust, to assume all liabilities and indemnify the State.  (SD1)

 

THE SENATE	S.B. NO.	881
TWENTY-FIFTH LEGISLATURE, 2009		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO VOLUNTARY EMPLOYEES' BENEFICIARY ASSOCIATION TRUSTS.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  Chapter 87D, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§87D-     Insolvency of the trust.  If a trust becomes insolvent, the trust and the employee organization that established the trust shall assume all liabilities and indemnify the State."

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect upon its approval.