THE SENATE

INTERIM OF 2014

 

COMMITTEE ON WAYS AND MEANS

Senator Jill N. Tokuda, Chair

Senator Ronald D. Kouchi, Vice Chair

 

COMMITTEE ON JUDICIARY AND LABOR

Senator Gilbert S.C. Keith-Agaran, Chair

Senator Maile S.L. Shimabukuro, Vice Chair

 

NOTICE OF INFORMATIONAL BRIEFING

 

DATE:

Thursday, December 11, 2014

TIME:

9:00am

PLACE:

Conference Room 211

State Capitol

415 South Beretania Street

 

A G E N D A

 

The purpose of this informational briefing is to provide the legislature with an update on the ERS' financial status and actuarial valuation report prepared by Gabriel Roeder Smith and Company (GRS).

 

The primary purpose of the ERS' actuarial analysis is to determine the adequacy of the current ERS employer contribution rates through measuring the resulting funding period, to describe the current financial condition of the ERS and the EUTF, and to analyze changes in the condition of both agencies. GRS prepares ERS valuation reports annually as of June 30th, the last day of the ERS' plan year and fiscal year. EUTF Actuarial Reports are prepared every two years, the most recent completed for July 1, 2013. These reports also provide information required by the ERS and EUTF in connection with Governmental Accounting Standards Board (GASB) requirements.

 

During this presentation GRS will review:

   ERS' Valuation Results as of June 2014

   ERS' Unfunded and Pensions Liabilities

   Investment Returns and Funding

   Cost-Sharing Plans

   GASB Requirements (including GASB 68)

   EUTF Valuation Results as of July 1, 2013

   EUTF OPEB Assets and Liabilities

   Act 268, SLH 2013, OPEB Contributions for FY2014-2015 and FY2015-2016

 

Briefing Materials

 

No public testimony will be accepted.

 

If you require auxiliary aids or services to participate in the informational briefing (i.e. ASL or foreign language interpreter, or wheelchair accessibility), please contact the committee clerk at least 24 hours prior to the briefing so that arrangements can be made.

 

For further information, please call the Committee Clerk at 586-6800.

 

_____________________________________

Senator Gilbert S.C. Keith-Agaran

Chair

 

_____________________________________

Senator Jill N. Tokuda

Chair

 

 

_____________________________________

Senator Donna Mercado Kim

President of the Senate