HI HB2471

Amends the definition of "adequate reserve fund" in section 383-63 of Hawaii Revised Statutes to exclude the benefit cost rate from June 2020 through August 2021 for calendar years 2023 through 2030.

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 paid during the last four calendar quarters ending on June 30.

The exclusion of the June 2020 through August 2021 benefit cost rate applies only to the eight-year period from calendar years 2023 through 2030.

Takes effect upon approval.