2019 & 2020-COH - DWS Financial Statements and Supplementary Information With Independent Auditor's Report

Home

County of Hawaii Department of Water Supply (A component unit of the County of Hawaii, State of Hawaii) NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019 NOTE G - EMPLOYEE BENEFITS (Continued) determined. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all period of projected benefit payments to determine the total pension liability. Sensitivity of the Department's Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following presents the Department's proportionate share of the net pension liability at June 30, 2020 and 2019 calculated using the discount rate of 7.00%, as well as what the Department's proportionate share of the net pension liability would be if it were calculated using a discount rate that is one percentage point lower (6.00%) or one percentage point higher (8.00%) than the current rate: Pension Plan Fiduciary Net Position - Detailed information about the pension plan's fiduciary net position is available in the separately issued ERS financial report. ERS' complete financial statements are available at: https://ers.ehawaii.gov. Payables to the Pension Plan - At June 30, 2020 and 2019, the amount payable to the ERS were $239,615 and $106,258, respectively, which consists of statutorily required employer contributions for the month of June and an accrual for excess pension costs attributed to the fiscal year, as required by the HRS. Postemployment Benefits Other Than Pensions (OPEB) General Information about the OPEB Plan Plan description. Chapter 87A of the Hawaii Revised Statutes (HRS) established the EUTF, an agent multiple -employer defined benefit plan, which provides a single delivery system of health and other benefits for state and county workers, retirees and their eligible dependents. The EUTF issues a stand-alone financial report that is available to the public on its website at https://eutf.hawaii.gov. W; June 30, 2020 1% Decrease Discount Rate 1% Increase (6.00%) (7.00%) (8.00%) Department's proportionate share of the net pension liability $ 41,554,140 $ 32,029,248 $ 25,171,502 June 30, 2019 1% Decrease Discount Rate 1% Increase (6.00%) (7.00%) (8.00%) Department's proportionate share of the net pension liability $ 43,590,009 $ 33,522,053 $ 25,222,572 Pension Plan Fiduciary Net Position - Detailed information about the pension plan's fiduciary net position is available in the separately issued ERS financial report. ERS' complete financial statements are available at: https://ers.ehawaii.gov. Payables to the Pension Plan - At June 30, 2020 and 2019, the amount payable to the ERS were $239,615 and $106,258, respectively, which consists of statutorily required employer contributions for the month of June and an accrual for excess pension costs attributed to the fiscal year, as required by the HRS. Postemployment Benefits Other Than Pensions (OPEB) General Information about the OPEB Plan Plan description. Chapter 87A of the Hawaii Revised Statutes (HRS) established the EUTF, an agent multiple -employer defined benefit plan, which provides a single delivery system of health and other benefits for state and county workers, retirees and their eligible dependents. The EUTF issues a stand-alone financial report that is available to the public on its website at https://eutf.hawaii.gov. W;