Hawaii Revised Statutes

Haw. Rev. Stat. § 88-107 (2026)

Interest

✓ current as of July 2026

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§88-107 Interest. (a) The board of trustees shall annually allocate the interest and other earnings of the system to the funds of the system, as follows:

(1) The annuity savings fund shall be credited with the amount of regular interest credited to members' accounts;

(2) The expense fund shall be credited with such sums as provided in section 88-116; and

(3) The remaining investment earnings, if any, shall be credited to the pension accumulation fund.

(b) Beginning with actual investment earnings in fiscal year 1995 in excess of the investment yield rate, to address outstanding unfunded pension obligations, ten per cent of such excess earnings shall be deposited in the pension accumulation fund; remaining excess earnings shall be applied to the amounts to be contributed under section 88-123. In fiscal year 1996, twenty per cent of the actual investment earnings in excess of the investment yield rate shall be deposited in the pension accumulation fund; remaining excess earnings shall be applied to the amount contributed under section 88-123. In fiscal years 1997 and 1998, actuarial investment earnings in excess of a ten per cent actuarial investment yield rate shall be applied to the amount contributed under section 88-123. Beginning in fiscal year 1999, one hundred per cent of the investment earnings shall be deposited in the pension accumulation fund.

(c) The application of actuarial investment earnings to the amount contributed under section 88-123 for fiscal years 1997 and 1998 as provided in subsection (b) is a one-time only provision and no law shall be enacted to again require the employees' retirement system to apply actuarial investment earnings to offset the amount contributed under section 88-123. [L 1925, c 55, pt of §7; am imp L 1927, c 251, §4; am imp L Sp 1933, c 10, §1; RL 1935, pt of §7926; am imp L 1935, c 48, §2; RL 1945, §711, subs 1; RL 1955, §6-78; am L 1963, c 127, §15; am L 1965, c 222, §12; HRS §88-97; am L 1969, c 110, pt of §1; am L 1984, c 23, §1; am L 1988, c 41, §4; am L 1994, c 276, §6; am L 1997, c 327, §2; am L 1999, c 100, §1]

Notes of Decisions

Cited in 3 cases, 2007–2020 · leading case: Kaho'ohanohano v. State, 162 P.3d 696 (Haw. 2007).

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Kaho'ohanohano v. State, 162 P.3d 696 (Haw. 2007). · cites it 19× “Trustees must also allocate the ERS’ earned *313 interest in accordance -with HRS § 88-107 (Supp.2006). II. The State has historically mandated that Trustees apply earnings of the ERS funds in excess of a specified investment yield rate of eight percent to offset the employer…”

Kahoohanohano v. State, 162 P.3d 696 (Haw. 2007). · cites it 19× “Trustees must also allocate the ERS' earned *707 interest in accordance with HRS § 88-107 (Supp.2006). II. The State has historically mandated that Trustees apply earnings of the ERS funds in excess of a specified investment yield rate of eight percent to offset the employer…”

DW Aina Le'a Dev., LLC v. State of Hawaii Land Use Comm'n., 477 P.3d 836 (Haw. 2020). “The § 88-107 (Supp. 2006) in a way that allegedly retroactively divested the state Employees’ Retirement System of $346.”

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