Business/In Brief • Dec. 10, 2014
Maui station reports lowest diesel price
Pacific Biodiesel’s Hobron fueling station has the state’s lowest diesel price, $3.79 per gallon, the company announced.
The fuel is “B20,” a blend of 20 percent biodiesel and 80 percent petroleum diesel. Its price has fallen because of the lower worldwide price of petroleum, Pacific Biodiesel said.
Biodiesel is safe for all diesel engines and is registered with the U.S. Environmental Protection Agency as both a fuel and a fuel additive, according to the company.
The alternative fuel is produced at the state-of-the-art, Big Island Biodiesel, a Pacific Biodiesel facility, from recycled vegetable oil.
Pension liability payoff time shortens
HONOLULU – The state’s unfunded liability for its public pension plan is growing, but the amount of time that actuaries predict it will take to get out of the hole shrank slightly.
The new estimates were part of an independent analysis by Dallas-based Gabriel Roeder Smith & Co.
The report said it will take the Hawaii Employees’ Retirement System 26 years to become fully funded. That goal will be reached in 2040, instead of last year’s prediction of 2041.
The $14.1 billion pension plan provides retirement, disability and survivor benefits to more than 118,000 people. Its unfunded liability stands at $8.58 billion, up from $8.48 billion last year.
The reduced time frame for paying down the liability is due in part to strong investment gains over the last two fiscal years. The fund saw a 17.8 percent investment gain in the year that ended June 30, which followed a 12.3 percent gain the preceding year – both well above the annual target of 7.75 percent.