Financial Statements, Fiscal Year Ended June 30, 2019
THE PRIMARY PURPOSE of the audit was to form an opinion on the fairness of the presentation of the financial statements for the Employees’ Retirement System of the State of Hawai‘i, as of and for the fiscal year ended June 30, 2019. The audit was conducted by KPMG LLP.
FOR THE FISCAL YEAR ended June 30, 2019, ERS reported total net additions of approximately $2.13 billion. Additions consisted of $1.2 billion from contributions and $933 million in net investment income.
Total deductions of approximately $1.5 billion consisted of (1) $1.47 billion for benefit payments; (2) $14 million for administrative expenses; and (3) $17 million for refund of member contributions.
As of June 30, 2019, assets totaled $18.69 billion and liabilities totaled $1.46 billion, leaving a net position balance of $17.23 billion. Total assets included (1) investments of $17.89 billion; (2) receivables of $222 million; (3) cash of $576 million; and (4) net equipment of $7 million.
|About the System
THE EMPLOYEES’ RETIREMENT SYSTEM OF THE STATE OF HAWAI‘I (ERS) is a cost-sharing, multiple-employer retirement system for government workers. Through its pension benefits program, ERS provides a defined-benefit pension plan for all state and county employees, including teachers, professors, police officers, firefighters, correction officers, judges and elected officials. ERS is governed by a Board of Trustees, which consists of eight members.