HI SB1047

Requires the Employees' Retirement System (ERS) actuary to conduct an annual stress test of the system to evaluate financial resilience.

Mandates the ERS board submit an annual report to the legislature at least 20 days before each regular session detailing the stress test results.

Stress test must project assets, liabilities, pension debt, contributions, benefit payments, and funded ratio for 30 years using current actuarial assumptions.

Stress test includes scenarios with investment returns 2 percentage points below assumptions, a 20 percent one-year investment loss followed by 20 years of reduced returns, and alternative contribution policies for each scenario.

Bill takes effect January 7, 2059.