HB 1506 Summary

• Encourages the Employees' Retirement System (ERS) board of trustees to consider investment opportunities in industries that sustain Hawaii's natural environment or create economic opportunities, including renewable energy businesses and energy sustainability infrastructure.

• Requires the ERS board to report annually to the legislature the rationale for declining to invest in Hawaii venture capital or in qualifying renewable energy and environmental sustainability businesses if deemed not prudent.

• Amends HRS §88-119 to expand the types of venture capital investments the ERS may consider beyond standard financial returns to include environmental and economic development benefits for Hawaii.

• Appropriates general revenue funds to the ERS for fiscal year 2023-2024 to be invested with priority consideration given to the Hawaii Targeted Investment Program (HiTIP).

• Takes effect June 30, 3000, with the statutory investment authorization provisions contingent upon the appropriated funds being released to the ERS.