HB 2160 Summary

• Amends the definition of "adequate reserve fund" in section 383-63 of the Hawaii Revised Statutes to exclude benefit cost rates from June 2020 through August 2021 when calculating the adequate reserve fund.

• The exclusion applies only for calendar years 2023 through 2030, after which the standard definition resumes.

• The adequate reserve fund continues to be calculated by multiplying the highest benefit cost rate during the preceding ten-year period by total employer remuneration from the last four calendar quarters ending June 30.

• Takes effect upon approval.