Disclosure of information

HRS §88-103.5

in effect

88-103.5. Disclosure of information (a) The employees' retirement system shall: (1) Disclose to the Hawaii employer-union health benefits trust fund and employee organizations information related to the administration of pension, annuity, or retirement allowance deductions, as follows: name, social security number, and amounts and dates of both voluntary and mandatory deductions remitted to the recipient; and (2) Release the records of its retirants and beneficiaries to the Hawaii employer-union health benefits trust fund for the disbursement of payments authorized under section 87A-23. (b) Any government agency or employee organization receiving government records pursuant to this section shall be subject to the same restrictions on disclosure of the records as the originating agency. (c) The following documents relating to the system's alternative investments shall be exempt from disclosure under chapter 92F: (1) Private placement memoranda; (2) Fund agreements and related documents, including subscription agreements, management agreements, side letters, guarantees, credit facility agreements, participation agreements, and trust documents; (3) Confidential presentations or recommendations made to the system; (4) Due diligence memoranda and other due diligence materials, including due diligence questionnaires; (5) Documents containing information on any portfolio company, real property, or any other assets held by an alternative investment vehicle; (6) Financial statements and other documents containing financial information of a fund or its general partner or manager, whether audited or unaudited, including but not limited to statements or information related to: (A) Income statements; (B) Balance sheets; (C) Cash flows; (D) Capital accounts; (E) Investment rate-of-returns, including internal rate of returns and time-weighted rate of returns; (F) Cash or in-kind distributions; (G) Carried interests; (H) Management and other fees; and (I) Return multiples; (7) Confidential correspondences between an alternative investment vehicle or its general partner, manager, advisor, or limited partner advisory committee, and the system; (8) Capital call and distribution notices; (9) Limited partner advisory committee and limited partner meeting notices, minutes, and materials, including without limitation any materials distributed at those meetings; (10) Investment management agreements; and (11) Placement agent disclosures and similar documents. (d) The exemptions from disclosure under chapter 92F set forth in subsection (c) are in addition to any other records that may be exempt from disclosure pursuant to chapter 92F or any other law. (e) As used in this section: "Alternative investment" means an actual or proposed investment by the system in a private equity fund, venture fund, hedge fund, fund of funds, absolute return fund, real estate fund, infrastructure fund, private credit, or other similar private market investments. "Alternative investment vehicle" means the limited partnership, limited liability company, collective investment trust, or other legal structure of the alternative investment. "Investment management agreement" means a contract to manage assets of the system. "Limited partner advisory committee" means any limited partner or other advisory committee of an alternative investment vehicle. [L 1990, c 250, §2; am L 1998, c 89, §1; am L 2004, c 10, §2; am L 2021, c 71, §2]

Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol02_Ch0046-0115/HRS0088/HRS_0088-0103_0005.htmFetched: 11/10/2026