Hawaii pension debt rises to $12 billion, but the real debt is more like $35 billion

[TexasTowelie]

State lawmakers were in shock this week as Hawaii’s pension debt increased from $8 billion to $12 billion.

Senator Jill Tokouta said, “This is truly overwhelming.”

Colbert Matsumo, Hawaii public pension system board member, said, “This is going to be a big pill to swallow.”

The one day rise in debt has to do with new calculations that are more realistic; the new calculations anticipate lower market returns and longer life spans.

Read more: http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/18905/Hawaii-pension-debt-rises-to-12-billion-but-the-real-debt-is-more-like-35-billion.aspx

[FBaggins]

1. Anything on this from a less-questionable source?

This guy is far enough right that even the right thinks he is kooky

[TexasTowelie]

2. Here is the report from Hawaii News Now:

http://www.hawaiinewsnow.com/story/34234621/hawaii-public-worker-pension-shortfall-grows-to-12-billion

The article in the Honolulu Star-Advertiser is paywalled. This is consistent with other material that I've read stating that the Hawaii pension system is drastically under-funded. I tend to lean towards the lower of the two numbers rather than $35 billion since they have actuarial support with an assumed rate of return on investments that is consistent with other state pension plans.