HI HR88

Requests the Employees' Retirement System of Hawaii to hire a consultant to review and evaluate the actuarial methods, assumptions, and funding components used by the system.

Requires the Employees' Retirement System to report findings on the methodology and assumptions currently used to estimate future pension benefit payments.

Directs the Employees' Retirement System to provide recommendations on contribution rates and funding sources to ensure the sustainability and solvency of the retirement system.

Notes that the system currently has a 60 percent funded ratio, an unfunded actuarial accrued liability of $8,495,000,000, and serves over 115,000 active members and retirants.

Mandates certified copies of the resolution be transmitted to the Chairperson of the Board of Trustees and Administrator of the Employees' Retirement System.