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Friday, July 27, 2018
How to resolve Hawaii’s public pension debt crisis
By Grassroot Institute @ 3:33 PM :: 4532 Views :: Hawaii State Government, Labor, Taxes

Grassroot Institute to release report on how to fix pension crisis

The independent, nonprofit think tank will debut its findings July 31 at a presentation on Maui

UPDATE Aug 1, 2018: Grassroot Institute releases report on fixing pension debt crisis

News Release from Grassroot Institute

HONOLULU, July 26, 2018 >> The Grassroot Institute of Hawaii will release a new report on Tuesday, July 31, about how to bring under control the unfunded liabilities of Hawaii’s public pension system, conservatively estimated at almost $13 billion.

The report, “How to Resolve Hawaii’s public pension crisis,” will be presented during a luncheon at the Maui Country Club in Paia, and made available as well through the Grassroot Institute’s website, at grassrootinstitute.org.

Keli‘i Akina, president of the Grassroot Institute, said the unfunded liabilities of the Hawaii Employees’ Retirement System (ERS) could jeopardize the retirement benefits of Hawaii’s public employees and impose a significant burden on Hawaii taxpayers.

“Our public pension fund is only 54 percent funded, which means that it’s half empty,” Akina said. “If the state were to renege on its pension promises, it wouldn’t go down well with the many government employees who suddenly would have their retirement benefits eliminated or reduced.”

Akina said the new report “looks at many states that have fixed their pension debt problems through best practices, such as the creation of a new pension plan.”

According to the Grassroot Institute’s report, a new Hawaii public pension plan could:

>> Provide more flexibility to alter employee and employer contribution rates, depending on the recommendation of the pension plan actuary.

>> Protect against pension spiking.

>> Cap benefits at reasonable levels.

>> Eliminate overtime and vacation pay when calculating benefits for current hires for service yet to be rendered.

>> Base benefits on the amount of money contributed toward the plan.

“By creating a new pension system based on best practices from other state,” Akina said, “Hawaii’s lawmakers could take a step toward helping the ERS match its promised retirement benefits with employee contributions, helping roll back the system’s — and thereby the state’s — unfunded public pension liabilities.”

###

The Grassroot Institute of Hawaii is an independent, 501(c)(3) nonprofit research and educational institution devoted to promoting individual liberty, economic freedom and accountable government.

  *   *   *   *   *

How to resolve Hawaii’s public pension debt crisis

From Grassroot Institute

The Grassroot Institute of Hawaii is releasing a new report that outlines how policymakers could resolve Hawaii’s financially dangerous public pension crisis.

The “crisis” is that the state Employees’ Retirement System is facing unfunded liabilities of almost $13 billion, equal to 46 percent of its benefits obligations — a huge risk for Hawaii’s current and retired state and county government employees, as well as for Hawaii’s already-beleaguered taxpayers.

The report, “How to resolve Hawaii’s public pension debt crisis,” points the way toward bringing the state benefits program back into balance, and will be discussed by Keli‘i Akina, Ph.D., president and CEO of the Grassroot Institute of Hawaii, and Joe Kent, the institute’s vice president of research.

Join us for this special presentation, and pick up a copy of the report at the event. Admission is $10 and includes light pupus and sandwiches.

For more information, please call (808) 591-9193 or e-mail info@grassrootinstitute.org.

DATE AND TIME

LOCATION

  • Maui Country Club
  • 48 Nonohe Place
  • Paia, HI 96779
  • View Map

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