Hawaii has been Democrat for decades. Now, the wheels are coming off as the results of Democrats typical governance. Even in the island paradise, Democrats screw up the place.
"Maui County taxpayers will be paying millions more every year into the state Employees' Retirement System, according to the system's executive director, Thom Williams.
In a presentation last month in Wailuku, Williams said Act 17, signed into law this year by Gov. David Ige, requires the state and counties to ramp up their payments into the state pension fund.
This is a massive, massive increase, Williams said.
Maui County paid $31 million into the pension fund in fiscal 2017. But now, its payments will increase to approximately $34 million in fiscal 2018, $36 million in fiscal 2019, $42 million in fiscal 2020 and $47 million in fiscal 2021.
This amounts to a total of $36 million in extra payments by Maui County over the next four years alone” and its contributions are set to remain just as high every year afterward.
Williams said the extra payments were needed to help the public pension system avert a crisis in unfunded liabilities, currently estimated at about $12.4 billion."