AMENDED

STATE OF HAWAII

DEFERRED COMPENSATION PLAN

BOARD OF TRUSTEES

 NOTICE OF PUBLIC MEETING

DATE:      December 16, 2025

TIME:      9:00 a.m.

PLACE:     Department of Human Resources Development (DHRD)

14^th Floor Director’s Conference Room

235 S. Beretania Street, State Office Tower

Honolulu, Hawaii 96813   

AGENDA

THIS IS A REMOTE MEETING USING INTERACTIVE CONFERENCE TECHNOLOGY (ICT)

BOARD MEMBERS & MEMBERS OF THE PUBLIC MAY ATTEND IN-PERSON OR VIRTUAL

TELECONFERENCE AND DIAL IN DETAILS PROVIDED BELOW

1.      Welcome and Introduction of Board Members

2.      Public Testimony

3.      Approval of Minutes No. 462 for the September 19, 2025, meeting

4.      Approval of Minutes No. 463 for the October 29, 2025, meeting  

5.      Discussion and Election of New Board Chairperson and Vice Chairperson and Action Thereon

6.      Plan Administrator’s Report, including:

a.  Key Plan Data, including Commentary

b.  Participation by Department

c.  Asset and Participants

d.  Executive Summary

e.  Account Registration and Protection

f.  Lifetime Income Score

g.  Cash Flow

h.  Investment Strategy Utilization

i.  Asset Allocation by Fund

j.  How Your Plan Compares

k.  Participant Activity

l.  Communications and Education Update

m.  Local Office Update

7.      Performance Evaluation Performance Report for the Third Quarter 2025 by Segal Marco Advisors

8.      Presentation of the Annual Report for the PTS Deferred Compensation Retirement Plan for Part-Time, Temporary, and Seasonal/Casual Employees (PTS Plan) for Plan Year 2024-2025 by Life Insurance Company of the Southwest

9.      Discussion of the Part-time, Temporary, and Seasonal/Casual Plan (PTS Plan) Reports including:

a.  Approval of Report on Funds Not Deposited in the State/County Treasuries for the Period Ending September 30, 2025

b.  Quarterly Management Report for the Period Ending September 30, 2025

Members of the public who wish to attend the meeting virtually may join via the Microsoft Teams meeting link at: https://teams.microsoft.com/meet/24130884167191?p=lWxlZjczd28nd40hTg or the dial-in audio conferencing line at: +1-808-829-4853, phone conference ID:763086264.

Members of the public who wish to attend the meeting in-person are asked to check in with building security to obtain a visitor’s pass and follow all social distancing protocols posted in the building. A government issued ID needs to be exchanged for a visitor’s pass and will be returned to the visitor when the visitor’s pass is returned to security.

Written testimony may be submitted to the Board prior to the meeting via email to liann.j.h.tokuda@hawaii.gov or via postal mail to 235 S. Beretania Street, State Office Tower, Honolulu, Hawaii 96813, Attn: Deferred Compensation Plan Board of Trustees, Board Meeting Testimony. Please include in the written testimony which Agenda Item the testimony is being submitted for. Written testimony is requested to be submitted 3 days in advance of the meeting to allow Board members adequate time to review materials.

There will be a special testimony period at the beginning of the meeting to accommodate those who cannot remain for the entire meeting, but testimony from all other interested persons will be taken immediately before each Agenda Item. Testimony is requested to be limited to 3 minutes.

Interested persons may view the Board packet for this meeting at the Empower Honolulu office at 1100 Alakea Street, Suite 1550, Honolulu, Hawaii 96813 or on the Board's website at https://islandsavings.empower-retirement.com/participant/#/login. 

If you need an auxiliary aid/service or other accommodation due to a disability, contact LiAnn Tokuda at 808-587-1076 or liann.j.h.tokuda@hawaii.gov as soon as possible, preferably 3 business days in advance of the meeting. If a response is received less than 3 business days before the meeting, we will try to obtain the auxiliary aid/service or accommodation, but we cannot guarantee the request will be fulfilled. Upon request, this notice is available in alternate formats such as large print, Braille, or electronic copy.