Hawaii ERS administers pension and other benefits for substantially all public employees in the state. The system maintains three plans: a contributory, non-contributory, and hybrid plan. The Hybrid plan took effect July 1, 2006; the "hybrid" moniker refers not to a hybrid plan design, but to the retention of service credit from the legacy Non-Contributory plan and participation in the Hybrid plan, which is contributory for plan participants.
Hawaii Employees Retirement System Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Hawaii ERS |
21,854.8 |
127,255 |
| Other Plans |
0.0 |
0 |
| Total |
21,854.8 |
127,255 |
Source: Public Plans Database (as of 2022)
Note: Hawaii Employees Retirement System has 0 other plans.
Assets
Assets at Year-End
Hawaii Employees Retirement System
2001-2022
| Fiscal Year |
Net Assets (billions) |
| 2001 |
8.8 |
| 2002 |
7.9 |
| 2003 |
7.7 |
| 2004 |
8.6 |
| 2005 |
9.2 |
| 2006 |
9.9 |
| 2007 |
11.5 |
| 2008 |
10.8 |
| 2009 |
8.8 |
| 2010 |
9.8 |
| 2011 |
11.7 |
| 2012 |
11.3 |
| 2013 |
12.3 |
| 2014 |
14.2 |
| 2015 |
14.5 |
| 2016 |
14.1 |
| 2017 |
15.7 |
| 2018 |
16.6 |
| 2019 |
17.2 |
| 2020 |
17.4 |
| 2021 |
21.9 |
| 2022 |
21.9 |
Membership
Ratio of Actives to Beneficiaries, 2001-2022
| Fiscal Year |
Hawaii Employees Retirement System |
US State and Local Pensions |
| 2001 |
2.0 |
2.4 |
| 2002 |
2.1 |
2.3 |
| 2003 |
2.0 |
2.2 |
| 2004 |
1.9 |
2.1 |
| 2005 |
1.9 |
2.1 |
| 2006 |
1.9 |
2.0 |
| 2007 |
1.8 |
2.0 |
| 2008 |
1.8 |
1.9 |
| 2009 |
1.8 |
1.9 |
| 2010 |
1.7 |
1.8 |
| 2011 |
1.6 |
1.7 |
| 2012 |
1.6 |
1.6 |
| 2013 |
1.6 |
1.5 |
| 2014 |
1.6 |
1.4 |
| 2015 |
1.5 |
1.4 |
| 2016 |
1.5 |
1.4 |
| 2017 |
1.4 |
1.4 |
| 2018 |
1.4 |
1.3 |
| 2019 |
1.3 |
1.3 |
| 2020 |
1.3 |
1.3 |
| 2021 |
1.2 |
1.2 |
| 2022 |
1.2 |
1.2 |
2022 Membership for Hawaii Employees Retirement System
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 64,234 |
53,990 |
9,031 |
127,255 |
5 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Hawaii Employees Retirement System
2001-2022
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
-491.1 |
8,761.1 |
| 2002 |
-351.6 |
7,905.5 |
| 2003 |
-364.4 |
7,687.2 |
| 2004 |
-358.2 |
8,565.4 |
| 2005 |
-301.2 |
9,195.9 |
| 2006 |
-251.8 |
9,932.4 |
| 2007 |
-175.0 |
11,462.4 |
| 2008 |
-154.6 |
10,846.8 |
| 2009 |
-94.2 |
8,815.3 |
| 2010 |
-17.6 |
9,824.2 |
| 2011 |
-209.9 |
11,654.4 |
| 2012 |
-303.5 |
11,293.0 |
| 2013 |
-312.4 |
12,311.8 |
| 2014 |
-284.3 |
14,203.0 |
| 2015 |
-254.0 |
14,505.5 |
| 2016 |
-266.1 |
14,070.0 |
| 2017 |
-306.2 |
15,698.3 |
| 2018 |
-325.5 |
16,598.4 |
| 2019 |
-304.1 |
17,227.0 |
| 2020 |
-199.8 |
17,385.5 |
| 2021 |
-111.9 |
21,935.8 |
| 2022 |
-245.5 |
21,854.8 |
2022 Cash Flows for Hawaii Employees Retirement System (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 1,535.2 |
1,780.7 |
164.6 |
-81.0 |
Cash Flow as a Percentage of Assets
Hawaii Employees Retirement System
2001-2022
| Fiscal Year |
Hawaii Employees Retirement System |
National Average |
| 2001 |
-5.6 |
-2.1 |
| 2002 |
-4.4 |
-2.4 |
| 2003 |
-4.7 |
-2.6 |
| 2004 |
-4.2 |
-2.0 |
| 2005 |
-3.3 |
-2.2 |
| 2006 |
-2.5 |
-2.2 |
| 2007 |
-1.5 |
-2.1 |
| 2008 |
-1.4 |
-2.3 |
| 2009 |
-1.1 |
-3.1 |
| 2010 |
-0.2 |
-3.2 |
| 2011 |
-1.8 |
-3.1 |
| 2012 |
-2.7 |
-3.3 |
| 2013 |
-2.5 |
-3.1 |
| 2014 |
-2.0 |
-2.9 |
| 2015 |
-1.8 |
-2.8 |
| 2016 |
-1.9 |
-3.0 |
| 2017 |
-2.0 |
-2.9 |
| 2018 |
-2.0 |
-2.6 |
| 2019 |
-1.8 |
-2.6 |
| 2020 |
-1.1 |
-2.4 |
| 2021 |
-0.5 |
-2.1 |
| 2022 |
-1.1 |
-2.1 |
