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Hawaii News

Hospitals plan deals hard blow to ERS fund

  • Just this disassociation, this privatization, however they like to characterize it, really creates a challenge for the system, and it might mean that we’re going to have to increase contribution rates for the remaining employers to make up for that difference or that we’ve got to keep higher contribution rates in effect for a longer period of time.”

    Thomas Williams

    Executive director, Employees’ Retirement System

The state’s decision to privatize three neighbor island hospitals is having some unexpected fiscal fallout, with experts in the public-employee pension system estimating that privatizing Maui Memorial Medical Center and two other facilities will add $213 million to the unfunded liability of the public-employees pension fund. Read more

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