Bill Text: HI SR58 | 2011 | Regular Session | Introduced

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Bill Title: Measuring the effectiveness of the Post Retirement Allowance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-03-17 - (S) Referred to JDL, WAM. [SR58 Detail]

Download: Hawaii-2011-SR58-Introduced.html

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THE SENATE	S.R. NO.	58
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

SENATE 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 format 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 Senate of the Twenty-sixth Legislature of the State of Hawaii, Regular Session of 2011, that the Legislative Reference Bureau is requested to 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

 

     BE IT FURTHER RESOLVED that the Legislative Reference Bureau report 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 Director of the Legislative Reference Bureau, the Director of the Employees' Retirement System, the President of the Hawaii State Teachers Association – Retired, and the Hawaii Government Employees Association Retirees Unit.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Measuring the effectiveness of the Post Retirement Allowance.