SB 249, SD2, HD1, Relating to Retirement
The House Committee on Finance
Tuesday, April 4, 2017
2:00 pm, Room 308
Attention: Chair Sylvia Luke, Vice Chair Ty Cullen and
Members of the Committee
The University of Hawaii Professional Assembly (UHPA) opposes SB 249 SD2, HD1. As with all previous attempts to diminish retirement benefits for judges, UHPA cannot support the erosion of benefits that normally assist in attracting and retaining qualified individuals to serve as judges.
UHPA requests that the Committee oppose SB 249 SD2, HD1.
Respectfully submitted,
Kristeen Hanselman
Executive Director
HB 1182, HD1, SD1, RELATING TO THE EMPLOYEES’ RETIREMENT SYSTEM
The Committee on Ways and Means
Tuesday, March 28, 2017
1:30 pm, Room 211
Attention: Chair Jill Tokuda, Vice Chair Donovan Dela Cruz and
Members of the Committee
The University of Hawaii Professional Assembly (UHPA) continues to request support for the intent of HB 1182, HD1, requiring the Employeesʻ Retirement System (ERS) actuary to perform annual stress tests of the system and the ERS Board to submit annual reports of the tests to the legislature as we previously testified.
Due to market indicators nationally, the ERS Board had previously taken a responsible approach by slowly lowering the assumed rate of return 50 basis points over a five year period. However, the recent decision by the ERS Board to reduce the assumed rate of return 50 basis points all at once has caused a great deal of anxiety for beneficiaries and the public as a whole. That one action by the ERS Board immediately increased the unfunded liability by $1.7 Billion, and has statutorily forced the legislature to review the required employer contributions. When actions by the ERS Board have statewide fiscal implications, additional oversight may be required to ensure the beneficiaries have confidence their interests are being addressed.
Requiring the ERS actuary to perform an annual stress test and report its findings to the legislature will provide a level of transparency that is currently not in place and ensure that the decisions of the ERS Board are not made in a vacuum since the decision to reduce the assumed rate has statewide implications.
UHPA supports the intent of HB 1182, HD1.
Respectfully submitted,
Kristeen Hanselman
Executive Director
SB 249 SD2 Relating to Retirement
The House Committee on Labor & Public Employment
Tuesday, March 21, 2017
10:00 am, Room 309
Attention: Chair Aaron Ling Johanson, Vice Chair Daniel Holt and Members of the Committee
The University of Hawaii Professional Assembly opposes SB 249 SD2. As with all previous attempts to diminish retirement benefits for judges, UHPA cannot support the erosion of benefits that normally assist in attracting and retaining qualified individuals to serve as judges.
UHPA requests that the Committee oppose SB 249 SD2.
Respectfully submitted,
Kristeen Hanselman
Executive Director
HB 1182, HD1, Relating to Employees’ Retirement System
The House Committee on Finance
Wednesday, February 22, 2017
3:00 pm, Room 308
Attention: Chair Sylvia Luke, Vice Chair Ty Cullen and Members of the Committee
The University of Hawaii Professional Assembly (UHPA) supports the intent of HB 1182, HD1, requiring the Employeesʻ Retirement System (ERS) actuary to perform annual stress tests of the system and the ERS Board to submit annual reports of the tests to the legislature.
Due to market indicators nationally, the ERS Board had previously taken a responsible approach by slowly lowering the assumed rate of return 50 basis points over a five year period. However, the recent decision by the ERS Board to reduce the assumed rate of return 50 basis points all at once has caused a great deal of anxiety for beneficiaries and the public as a whole. That one action by the ERS Board immediately increased the unfunded liability by $1.7 Billion, and has statutorily forced the legislature to review the required employer contributions. When actions by the ERS Board have statewide fiscal implications, additional oversight may be required to ensure the beneficiaries have confidence their interests are being addressed.
Requiring the ERS actuary to perform an annual stress test and report its findings to the legislature will provide a level of transparency that is currently not in place and ensure that the decisions of the ERS Board are not made in a vacuum since the decision to reduce the assumed rate has statewide implications.
UHPA supports the intent of HB 1182, HD1.
Respectfully submitted,
Kristeen Hanselman
Executive Director
SB 1047, Relating to the Employeesʻ Retirement System
The Senate Committee on Judiciary and Labor
Tuesday, February 7, 2017
9:00 AM, Conference Room 016
RE: SB 1047, Relating to the Employeesʻ Retirement System
Attention: Chair Gilbert Keith-Agaran, Vice Chair Karl Rhoads and
Members of the Committee
The University of Hawaii Professional Assembly (UHPA) urges the committee to support passage of SB 1047, requiring the Employeeesʻ Retirement System (ERS) actuary to perform annual stress tests of the system and the ERS Board to submit annual reports of the tests to the legislature.
The recent decision by the ERS Board to reduce the assumed rate of return from 7.5% to 7.0% all at once immediately increased the unfunded liability by $1.7 Billion, and has forced the legislature to review the required contributions. Requiring the ERS actuary to perform an annual stress test and report its findings to the legislature will provide a level of transparency that is currently not in place and ensure that the decisions of the ERS Board are not made in a vacuum since the decision to reduce the assumed rate has statewide implications.
UHPA supports passage of SB 1047.
Respectfully submitted,
Kristeen Hanselman
Executive Director
HB 1182, Relating to Employees’ Retirement System
The House Committee on Labor & Public Employment
Thursday, February 9, 2017
8:30 am, Room 309
RE: HB 1182, Relating to Employees’ Retirement System
Attention: Chair Aaron Ling Johanson, Vice Chair Daniel Holt and
Members of the Committee
The University of Hawaii Professional Assembly (UHPA) urges the committee to support passage of HB 1182, requiring the Employeeesʻ Retirement System (ERS) actuary to perform annual stress tests of the system and the ERS Board to submit annual reports of the tests to the legislature.
The recent decision by the ERS Board to reduce the assumed rate of return from 7.5% to 7.0% all at once immediately increased the unfunded liability by $1.7 Billion, and has forced the legislature to review the required contributions. Requiring the ERS actuary to perform an annual stress test and report its findings to the legislature will provide a level of transparency that is currently not in place and ensure that the decisions of the ERS Board are not made in a vacuum since the decision to reduce the assumed rate has statewide implications.
UHPA supports passage of HB 1182.
Respectfully submitted,
Kristeen Hanselman
Executive Director
HCR 170/HR 120 Urging EUTF to Divest from Fossil Fuel Investments
The House Committee on Labor & Public Employment
Tuesday, March 22, 2016
10:30 a.m., Room 309
RE: HCR 170/HR 120 Urging The Employees’ Retirement System and Employer–Union Health Benefits Trust Fund (EUTF) to Divest from Fossil Fuel Investments
Attention: Chair Mark Nakashima, Vice Chair Jarrett Keohokalole and Members of the Committee
The University of Hawaii Professional Assembly (UHPA) supports the intent of these resolutions, which are urging the Employees’ Retirement System (ERS) and EUTF to divest the majority interest of their respective fossil fuel investments by 2021.
Both the ERS and EUTF have governing Boards of Trustees that have the jurisdiction in this matter. Passage of these measures will identify divestment of fossil fuel investments as a fiscal concern that needs to be considered.
We thank you for the opportunity to support the intent of these measures.
Respectfully submitted,
Kristeen Hanselman Executive Director