HomeMy WebLinkAboutRES 245 Draft 01 1980-1984RESOLUTION NO. 245 81
WHEREAS, proposed regulation by the Treasury Department which
implements the Employee Retirement Income Security Act of 1974
(ERISA), which would have jeopardized many small business pension
pians, was successfully postponed by a strong effort made by
U.S. Senator Spark id. Matsunaga; and
WHEREAS, a recipient of the FIRST ANNUAL AWARD conferred by the
Small Business Council, Senator Matsunaga, a member of the Senate
Finance Committee advised the Council to undertake a project seeking
the simplification of ERISA requirements for the institution and
maintenance of a pension plan by an employer and the operation of�a
plan by a plan administrator; and
WHEREAS, Senator Matsuna,.,a stressed the importance of
supplementing the Social Security benefits by ERISA and the
Individual Retirement Account (IRA) temporarily remedied through
interfund borrowing may be in jeopardy with huge increase in
retirees in contrast to growth of people in the labor. market.
NOW, THERZFORZt BE IT RESOLVED BY THE COUNCIL OF 'rHE COUNTY OF
HNUAII that it extends its commendation to Senator Spark M.
Matsunaga for his effort in looking after the interest of all future
retirees and congratulates him for receiving the First Annual Award
from the Small Business Council of America.
BE IT FURTHER RESOLVED that the Council support legislation
making less cumbersome for implementing the ERISA and IRA by further
increasing the limit on contributions now imposed on self-employed
individual retirement.
BE IT FURTHER RESOLVED that the Clerk of the County of Hawaii
transmit a true copy to the Honorable Spark M. Matsunaga,
U.S. Senator, and to the Honorable Bob Dole, Chairman of the
U.S. Senate Finance Committee.
Dated at Hilo, Hawaii, this 18th day of November , 1931.
I-TTRODUCED BY
File No.
115
M. B. No NUT 18 1981
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