Hawaii pension debt rises to $12 billion, but the real debt is more like $35 billion
State lawmakers were in shock this week as Hawaii’s pension debt increased from $8 billion to $12 billion.
Senator Jill Tokouta said, “This is truly overwhelming.”
Colbert Matsumo, Hawaii public pension system board member, said, “This is going to be a big pill to swallow.”
The one day rise in debt has to do with new calculations that are more realistic; the new calculations anticipate lower market returns and longer life spans.