A national public pensions expert says the changes Hawai‘i lawmakers approved for new state and county employees are in line with what other states are doing to reduce their pension liability. Starting next summer, new hires will have to work
A national public pensions expert says the changes Hawai‘i lawmakers approved for new state and county employees are in line with what other states are doing to reduce their pension liability.
Starting next summer, new hires will have to work longer to earn the same retirement benefits, chip in more toward their plans and receive smaller pensions. Existing employees and current retirees will not be impacted.
In an op-ed for Civil Beat, House Speaker Calvin Say referred to the new pension rules as “the most important measure passed by the 2011 Legislature” in his view. He said it “represents a significant pivot point in the future of Hawai‘i” and will help Hawai‘i avoid public employee pension crises such as those in California and other states.
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