US - Liabilities of the US$10.2bn Hawaii's Employees Retirement System increased by $1bn over the past year, an actuary has told the fund's trustees.
According to reports, Michael Carter of Gabriel, Roeder, Smith - the ERS' actuarial consultant - attributed the sharp rise to an increase in longevity and higher wage increments.
Carter recommended funding for the Hawaii ERS be increased, and suggested trustees propose legislation to increase the employer funding rate and call for changes that allow the ERS to use actual worker pay increases in formulations.
The system will have no trouble funding its liabilities as they fall due, but future liabilities are proving to be problematic as its unfunded liability rose by 25% to $5.13bn, said Carter.
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