State's pension fund falls short $8.4 billion

The unfunded liability for state and county workers' benefits will take 30 years to remedy

By Dave Segal

dsegal@staradvertiser.com

By Dave Segal

POSTED: 01:30 a.m. HST, Feb 14, 2013

~~<p>The state's largest public pension fund is in its worst shape since at least 1980 with an $8.4 billion shortfall, and a new report estimates that accumulating enough money in the system to pay all benefits due qualified recipients would take 30 years.</p>
<p>Steps taken in the past two years by the pension plan's trustees, Gov. Neil Abercrombie and the Legislature are expected to rectify the unfunded liability in 30 years if certain assumptions are met, said Wes Machida, the administrator of the state Employees' Retirement System.</p>
~~

The state's largest public pension fund is in its worst shape since at least 1980 with an $8.4 billion shortfall, and a new report estimates that accumulating enough money in the system to pay all benefits due qualified recipients would take 30 years.

Steps taken in the past two years by the pension plan's trustees, Gov. Neil Abercrombie and the Legislature are expected to rectify the unfunded liability in 30 years if certain assumptions are met, said Wes Machida, the administrator of the state Employees' Retirement System. Login for more...