Between the Hawaii’s Employer-Union Health Benefits Trust Fund and the Employees’ Retirement System, taxpayers will have to foot the bill for $25 billion to fulfill the state’s obligations.
Reeling from a case of sticker shock, Maui County Council members considered bankruptcy last week after learning how the state’s public pension liability crisis will affect the county’s budget. From a presentation by state public pension representatives, the Council members learned that Maui County’s tax payments to the Employee Retirement
Earlier this year, the Kauai County Council admirably balanced its budget without the need for a tax increase. But now, it might be tempted to raise taxes after all, or cut services to make room for the extra dollars earmarked for the pension fund. READ MORE.
Earlier this year, the Grassroot Institute of Hawaii pointed out that the state Legislature had discovered a new tactic for meeting its public pension financial obligations: passing the costs on to the counties. Now, Hawaii’s county governments — and county taxpayers — are about to feel the pinch. Act 17,
Recent legislative reforms have enabled the state Employees’ Retirement System to avert a crisis, but that’s partly because much of the burden to strengthen the system has shifted to the counties. Maui County alone, for example, will be paying $36 million extra over the next four fiscal years into the
A study released by the Grassroot Institute of Hawaii details salaries and benefits for government and private sector workers in the state of Hawaii. The study shows that unsustainably high government salaries and benefits may be putting Hawaii’s pension fund in danger. According to Dr. Keli’i Akina, President/CEO of the
The bad news for Hawaii taxpayers is that Hawaii’s state public employee pension system has about $12 billion in unfunded liabilities, which means that if it had to pay off all its beneficiaries with the savings it has on hand, it would be unable to do so. That would leave
Hawaii may be giving millennials the short end of the stick when it comes to the state’s unfunded public pension liabilities.
When salaries go up, so do pension promises.
Hawaii’s public pension system is broken, but there are still ways to fix it.
Between the Hawaii’s Employer-Union Health Benefits Trust Fund and the Employees’ Retirement System, taxpayers will have to foot the bill for $25 billion to fulfill the state’s obligations.
Reeling from a case of sticker shock, Maui County Council members considered bankruptcy last week after learning how the state’s public pension liability crisis will affect the county’s budget. From a presentation by state public pension representatives, the Council members learned that Maui County’s tax payments to the Employee Retirement
Earlier this year, the Kauai County Council admirably balanced its budget without the need for a tax increase. But now, it might be tempted to raise taxes after all, or cut services to make room for the extra dollars earmarked for the pension fund. READ MORE.
Earlier this year, the Grassroot Institute of Hawaii pointed out that the state Legislature had discovered a new tactic for meeting its public pension financial obligations: passing the costs on to the counties. Now, Hawaii’s county governments — and county taxpayers — are about to feel the pinch. Act 17,
Recent legislative reforms have enabled the state Employees’ Retirement System to avert a crisis, but that’s partly because much of the burden to strengthen the system has shifted to the counties. Maui County alone, for example, will be paying $36 million extra over the next four fiscal years into the
A study released by the Grassroot Institute of Hawaii details salaries and benefits for government and private sector workers in the state of Hawaii. The study shows that unsustainably high government salaries and benefits may be putting Hawaii’s pension fund in danger. According to Dr. Keli’i Akina, President/CEO of the
The bad news for Hawaii taxpayers is that Hawaii’s state public employee pension system has about $12 billion in unfunded liabilities, which means that if it had to pay off all its beneficiaries with the savings it has on hand, it would be unable to do so. That would leave
Hawaii may be giving millennials the short end of the stick when it comes to the state’s unfunded public pension liabilities.
When salaries go up, so do pension promises.
Hawaii’s public pension system is broken, but there are still ways to fix it.
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