HI SB3070

Reduces the maximum funding period to amortize the Employees' Retirement System's total unfunded accrued liability from 30 years to 20 years through a phased approach.

Establishes a declining maximum funding period starting at 25 years for the June 30, 2024 actuarial valuation, decreasing by one year annually until reaching 20 years for the June 30, 2029 valuation and thereafter.

Amends Hawaii Revised Statutes Section 88-122(e) to reference the new "maximum funding period" definition instead of the fixed 30-year period previously specified.

Aligns the Employees' Retirement System with updated Actuarial Standards of Practice recommending a maximum liability funding period of 20 years or less.

Takes effect July 1, 2024.