HI HB447

Establishes new state and county contribution requirements to the employer-union health benefits trust fund (EUTF) for employees hired after June 30, 2021.

Excludes from the new contribution structure employees hired between June 30, 2001 and July 1, 2021 who transfer employment after June 30, 2021 with at least ten years of credited service, or who have at least ten years of service before a break in service.

Sets employer contribution amounts for retired employees based on years of service: 50% of base contribution for 10-15 years, 75% for 15-25 years, and 90% for 25+ years of service.

Reduces employer contributions upon employee death to one-half of the monthly contributions for employee-beneficiary or employee-beneficiary with dependents.

Takes effect on July 1, 2021, designed to reduce growth of EUTF's actuarial accrued liability amid the state's $88 billion in unfunded liabilities.