Informing the Legislature that on July 3, 2024, the Governor signed the following bill into law: SB3070 HD1 CD1 (ACT 192).

This bill, known as Act 192, updates the funding rules for Hawaii's Employees' Retirement System to align with modern actuarial standards. It gradually reduces the maximum time allowed to pay off the system's unfunded liabilities from thirty years down to twenty years over a six-year period. This change is designed to lower future costs and improve the system's financial outlook without altering current employee or employer contribution rates. The legislation directly affects the state's retirement fund management and its long-term financial planning.