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HI HB2381
Bill
Status
1/24/2024
Primary Sponsor
Scott Saiki
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AI Summary
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Reduces the maximum funding period for amortizing the Employees' Retirement System's (ERS) total unfunded accrued liability from 30 years to 20 years through a phased approach.
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Establishes a declining maximum funding period: 25 years (as of June 30, 2024), decreasing by one year annually until reaching 20 years (as of June 30, 2029 and thereafter).
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Replaces the fixed "thirty years" language in Hawaii Revised Statutes Section 88-122(e) with a new definition of "maximum funding period" that incorporates the phase-in schedule.
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Aligns ERS with updated Actuarial Standards of Practice that recommend a maximum liability funding period of 20 years or less.
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Takes effect July 1, 3000.
Legislative Description
Relating To The Employees' Retirement System Funding Period.
ERS
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Nakashima excused (1).
2/9/2024