Pension spiking by public employees has cost Hawaiʻi taxpayers more than $434 million over the last seven years, money that could otherwise be spent on public services, such as expanding emergency services or public works projects.
That tab has gone up dramatically in recent years, according to public records obtained by Civil Beat. As the number of public workers stepping into retirement increases, the annual cost of inflated pensions more than doubled, skyrocketing to more than $78.3 million in the fiscal year that ended in June, up from about $29.5 million in 2019.
More than a decade ago, lawmakers took a drastic step to prevent the amount of money owed to retired public workers from eclipsing the funds available to pay out their pensions. The 2012 law put government agencies on the hook when an employee’s pension cost more than expected over the course of their retirement…