The House version of the bill to increase the ceiling on the amount of Retirement Fund money that can be invested locally is now with the Senate Retirement Committee, headed by Senator Tuaolo Manaia Fruean.
Tuaolo, who is also a member of the Retirement Fund Board of Trustees, yesterday announced that the Committee will hold a hearing on the bill at 8:30 am on Thursday.
The bill would raise the ceiling of local investment by the Fund, now valued at $210 million according to the testimony of Executive Director Iaulualo Talia Faafetai in the House, from 17 to 35%.
This will pave the way for the Board of Trustees of the Retirement Fund to authorize an $18.2 million loan to ASTCA to pay for the Hawaiki Cable. This loan amount is included in ASTCA’s proposed FY2019 budget.
The Senate version of the same administration bill did not garner enough votes for passage with 9 senators voting yes and four voting no. Ten votes were needed to approve the bill.
