Hawaii's pension liability payoff time shortens - Hawaii News Now - KGMB and KHNL

Hawaii's pension liability payoff time shortens

HONOLULU (AP) - The state's unfunded liability for its public pensions is growing, but the amount of time it will take to get out of the hole shrank slightly.

The Honolulu Star-Advertiser reports that's according to an independent analysis by a Dallas-based company.

The report says it will take the Hawaii Employees' Retirement System 26 years to reach the goal of being fully funded.

The goal will be reached in 2040, instead of last year's prediction of 2041.

The $14.1 billion pension plan provides retirement, disability and survivor benefits to more than 118,000 people. Its unfunded liability stands at $8.6 billion, up from $8.5 billion last year.

There was a 17.8 percent investment gain in the year that ended June 30, well above the annual target of 7.75 percent.

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