HONOLULU (AP) — New Hawaii government employees will work more years, contribute higher amounts toward their pensions and get paid less after retirement, according to sweeping proposed changes to the state's underfunded pension system.
The Hawaii House of Representatives planned a final legislative vote Thursday on the pension overhaul, which is intended to tame the system's $7.1 billion unfunded liability. If passed, the bill would advance to Gov. Neil Abercrombie.
The changes would affect only new hires, and the state's existing employees would continue under current benefit levels of the Employees' Retirement System.
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