HI HB2491

Authorizes the Board of Trustees of the Hawaii Employer-Union Health Benefits Trust Fund to establish a trust fund to receive employer contributions that will prefund post-employment health and other benefit costs for retirees and their beneficiaries

Ensures the Employer-Union Health Benefits Trust Fund meets the Government Accounting Standards Board's definition of an irrevocable trust for purposes of meeting other post-employment benefits obligations

Allows public employers who make prefunded contributions to receive proper credit for other post-employment benefits contributions on their financial statements

Received written support from the Department of Budget and Finance, Hawaii Employer-Union Health Benefits Trust Fund, and United Public Workers AFSCME, Local 646, AFL-CIO

Committee made technical nonsubstantive amendments for clarity, consistency, and style