Bill > HB202

This bill modifies the definition of "adequate reserve fund" in Hawaii's unemployment insurance law by removing specific language about the fund's calculation for certain years and creating a new framework for determining the fund's multiplier. The bill requires the Department of Labor and Industrial Relations to conduct an actuarial study to assess whether an increase in the multiplier is necessary to maintain sufficient reserves in the unemployment compensation trust fund. The study will focus on calendar years 2026 and 2027 onwards, with the department required to submit a report to the legislature before the 2026 regular session. Specifically, the bill aims to update how the "adequate reserve fund" is calculated by establishing new provisions for determining its size, and explicitly excludes the benefit cost rate from the unusual period of June 2020 through August 2021 (likely referring to the COVID-19 pandemic's economic impact). The bill is set to take effect on July 1, 2050, which is an unusually distant future date and may be a placeholder for potential future amendments. The primary goal appears to be ensuring the long-term stability and adequacy of Hawaii's unemployment insurance trust fund by allowing for flexible adjustments to its calculation method.

Budget and Finance, Labor and Employment

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=202&year=2026