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GM 571

Submitting for consideration and confirmation to the Board of Trustees of the Deferred Compensation Plan, Gubernatorial Nominee, ERIC NOUCHI, for a term to expire 06-30-2028.

2025 Regular Session

Bill GM 571 confirms Eric Nouchi to the Board of Trustees for Hawaii's Deferred Compensation Plan, enhancing oversight for public employee retirement savings until 2028.

Confirmed. Ayes, 25. Aye(s) with reservations: none. Noes, 0 (none). Excused, 0 (none).
#boardoftrusteesofthedeferredcompensationplan
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Bill Summary · GM 571

Summary of Bill GM 571

Bill Overview

Bill Number: GM 571
Title: Submitting for consideration and confirmation to the Board of Trustees of the Deferred Compensation Plan, Gubernatorial Nominee, Eric Nouchi, for a term to expire 06-30-2028.
Status: Confirmed
Introduced: January 23, 2025
Classification: Proclamation
Subject: Board of Trustees of the Deferred Compensation Plan

Purpose and Intent

The primary purpose of Bill GM 571 is to confirm the gubernatorial nomination of Eric Nouchi to the Board of Trustees of the Deferred Compensation Plan. This board oversees the management and administration of the state's deferred compensation plan, which is a retirement savings program for public employees in Hawaii. The nomination is intended to ensure that the board is equipped with qualified individuals who can effectively manage the plan and safeguard the interests of its participants.

Key Provisions

  • Nominee: Eric Nouchi is nominated to serve on the Board of Trustees.
  • Term Expiration: The term for the nominee is set to expire on June 30, 2028.
  • Confirmation Process: The nomination underwent a confirmation process involving a public hearing and committee recommendations.

Legislative Actions

  • January 23, 2025: The bill was received and referred to the Labor, Culture, and the Arts Committee (LBT).
  • February 21, 2025: A public hearing was scheduled for March 7, 2025.
  • March 7, 2025: The LBT committee recommended advising and consenting to the nomination, with a vote of 3 in favor and 2 excused.
  • April 21, 2025: A one-day notice was issued for the confirmation vote.
  • April 22, 2025: The Senate confirmed the nomination with a unanimous vote of 25 Ayes and no opposition.

Impact

The confirmation of Eric Nouchi to the Board of Trustees is significant for the management of the Deferred Compensation Plan, which affects public employees in Hawaii. His expertise and contributions are expected to enhance the governance of the plan, ensuring that it meets the needs of its participants and adheres to best practices in retirement savings management.

Conclusion

Bill GM 571 successfully confirmed Eric Nouchi's nomination to the Board of Trustees of the Deferred Compensation Plan, reinforcing the state's commitment to effective oversight of public employee retirement savings. The confirmation process was conducted transparently, with opportunities for public input and legislative scrutiny.

Compiled from official sources — confirm details with the bill’s official record.

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