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Navigating Your Retirement Journey: Essential Insights for Hawaiian Electric Industries Employees

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Should Learn

Do You Desire Retirement?

Are You Able to Retire?

How Will Your Retirement Appear?

Who You Are?

What Is Your Top Priority?

What Would You Like to Do?

How Do You Plan to Pay for Health Care?

What are Your available plan options?

Pre-Retirement To-Dos

What Is Your Next Step?

Who to Contact?

About The Retirement Group

Sources

Should Learn

The move from Hawaiian Electric Industries employment to retirement can be challenging. As financial experts, we recognize the problems that may lie ahead and have compiled this unique study to answer some of your most important issues about retirement. When it comes to retirement, public-sector employees confront many of the same obstacles as their private-sector counterparts. They are anxious about the sufficiency of their retirement savings and doubt the significance of social security in their retirement preparations. In addition, they must consider the possibility of a pension and whether or not they should invest in standard retirement accounts to augment it. Here are six factors to consider as you near retirement. Always consult a Financial professional to verify that you've covered all of your bases.

Do You Desire Retirement?

If you look about your neighborhood, you'll find that people of retirement age are still employed, from museum employees to medical professionals to the guy who makes your coffee. These seniors wouldn't be working if it weren't necessary, right? Well, maybe. They may be working because they desire to. Many retirees have stated that the first 24 hours of their retirement were the most enjoyable.

After that, they realized that they missed their occupations, the regular routine that a work provides, and everyday interaction with people. Or they may be working because they have no other option. Their retirement savings fell short of their survival requirements. Their Social Security income is insufficient, and their other investments do not appear to make up the difference. There are retirees who never intended to retire. Then retirement occurred, and the retiree's financial situation had the ultimate say: return to work! Then there is the retiree who is enthusiastic about retirement. This retiree does not work for two reasons: they are no longer required to and they choose not to. So, which are you, and how will you achieve your retirement objectives?

There are three guiding principles for a successful retirement:

PREPARE: Preparation provides the impetus for the majority of other undertakings in life, including starting a business, becoming physically active, taking charge of one's health, and learning a language. The same holds true for your retirement planning. Preparation can help ensure that you are on the right path to achieve your objectives.

It took years of hard labor, perhaps decades of sacrifice, and prudent planning to construct your retirement. One mistake, one bad investment, and you've lost everything. There is a time and a place for taking chances, but protecting your money, especially if they have been built up over a lifetime, must take precedence. Do not become distracted with the latest and greatest.

PROSPER: Those that meticulously plan their retirements and adhere to disciplined financial methods typically have a prosperous retirement. Start early, remain prudent, and see your money increase. As an Hawaiian Electric Industries employee, you're now in a position to consider your next steps.

Schedule a meeting with your financial advisor to develop a plan. Identify your planned sources of income and expenses. How much will you receive from Social Security, pensions, investment returns in retirement, and other sources? Compare your revenue to your anticipated expenses to get a general notion of where you stand. Working with a financial professional enables you to design a flexible, long-term strategy that can adapt to your needs. Determine your retirement strategy. How much money will you need to sustain your desired lifestyle?

Are you interested in traveling? Would you like to relocate to a warmer state or decrease your residence? Consider your costs for medical treatment. You become eligible for Medicare at age 65, so you'll need medical insurance. Such may be offered by your current job to cover the gap if you retire before that age. It may be prudent to purchase additional insurance to fill any coverage gaps. What will your legacy be? How much do you intend to leave your loved ones? Do you have sufficient life insurance to meet your spouse's ongoing living needs if you die first?

You can contact your HR department if you have any questions.

Are You Able to Retire?

Hawaiian Electric Industries employees may very possibly be required to retire at a certain age. However, contrary to popular belief, the average retirement age for both public and private sector employees is 62. Public and private sector employees experience the same retirement-related fears and uncertainties. Despite the fact that the average retirement lasts between 14 and 17 years, it is prudent for retirees to have enough invested and saved to outlive the average lifespan of 79 years. Budgeting and managing your finances provide a more disciplined outlook on retirement, which reduces financial anxiety.

Once you have developed some budget forecasts, you will be more positioned to determine how you wish to spend your retirement years. Multiplying your current monthly expenses by 75% to 85% is a straightforward and reasonable method for estimating your monthly retirement expenses. As an illustration, you spend $3,000 every month while employed. Expect to spend between $2,250 and $2,550 throughout retirement. After determining your expenditure levels, consider your income to get a whole picture.

This includes your Hawaiian Electric Industries Social Security payouts, pensions, and other forms of retirement income. If you have been able to save for retirement through Hawaiian Electric Industries employment or investment income, you can use the funds to enhance your lifestyle, make up for any income gaps, or cover extra expenses. You will need to constantly monitor your retirement withdrawals over time to maintain the longevity of your retirement funds. A healthy and active lifestyle can add more than five years to a retiree's life expectancy, according to the U.S. Census Bureau.

Obviously, one issue with these life-expectancy formulae is 'x': your mortality. You cannot accurately determine your budget with that amount. Despite the fact that your longevity relies on a number of things, including your lifestyle, your health, and your genetics, the data indicates that you can anticipate living longer than your parents or grandparents. By 2060, the average American's life expectancy is projected to grow from 79.7 years to 85.6 years. In the past, the percentage of annual withdrawals retirees could make from their retirement savings was calculated using an outdated calculation, the 4% rule.

The guideline may no longer apply in today's more volatile economy. A financial expert can assist you in navigating a complex and confusing investment market. You may not be able to change the 'x' factor, but you can influence the other variables in the calculation.

Here are four ways you might modify your retirement formula to achieve a more secure and enjoyable retirement:

While still employed by Hawaiian Electric Industries, you can raise your retirement savings contributions. Maximize your tax-deferred retirement plan contributions. If you are 50 or older, you can make catch-up payments to your retirement account.
If possible, defer receiving Social Security benefits. If you are younger than 70, you can enhance your Social Security payments by delaying when you begin receiving them and by pursuing a second career.
Consider your existing living expenses. With the children grown and living on their own, it may no longer be necessary to have such a huge home. You should consider moving into a smaller, cozier space. In order to reduce expenses, you can postpone large purchases during the early years of retirement. Thus, you can maintain a healthy retirement account for a longer period of time.
There is a mandatory retirement age for many governments employment, but that does not imply you must stop working. Retirement might be a wonderful opportunity to pursue a long-desired job or to try something new. Numerous public employees take use of the option to retire early in order to pursue part-time employment or a second job.

Your years of expertise working for Hawaiian Electric Industries have afforded you numerous opportunities. You may be able to create your own schedule and pursue hobbies or long-desired interests if you have a part-time job. Employment income may alter the amount of Social Security benefits you get, at least until you reach full retirement age.

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How Will Your Retirement Appear?

An ancient sage once stated, 'People perish where there is no vision.' The same can be said about retirement. Determining when and how you will retire from Hawaiian Electric Industries is crucial, but visualizing your retirement may be the most crucial aspect of your overall approach. Numbers and schedules are meaningless without a driving vision to propel them forward. Your vision for retirement provides the basis for your later years.

Your concept must be meticulously constructed, detail by detail. Once you have an idea of what you will do, how you will spend your time, and where you will travel, write it down. Don't omit any details. How will you fill your time? What are your immediate and long-term objectives? Plan it out. Plan your ideal retirement on a daily, monthly, and annual basis. Do you intend to take a vacation?

When and where will this occur? How usually? What plans do you have for the day? Where will you go and what will you specifically do? Do you wish to travel, see your relatives, or join social or recreational groups? Writing down your replies can facilitate the transition to retirement. After laying the groundwork for your vision, you should begin to build upon it. You have already compiled the data. You have already determined the flow of money.

Adapt your picture of retirement to the financial realities you've created over your working years. How much money will you have available for trips, for example? Apply your budget to your retirement vision and begin adjusting it so that it aligns with your financial reality. Merging the practical and idealistic sides may result in a more confident and joyful retirement, albeit it may necessitate adjusting your vision or reordering some of your objectives.

Here are some suggestions to assist you with the visioning process:

You can contact your HR department if you have any questions.

Who You Are?

This may be the most crucial question to consider when developing your vision. This is a personality index of sorts. Recall what you do or used to do in your free time while you were employed. What were your leisure activities? Which activities did you wish you had more time for? Consider how you will use your time differently after retirement.

What Is Your Top Priority?

This relates to imagination. Create a list of the activities you enjoy most. Volunteering, establishing a business, gardening, spending time with your grandchildren, or even returning to school could be on the list. Place the items in order of importance. What is the most essential? Your objective should be to make retirement rewarding and satisfying. Create a list of pet peeves and annoyances on the reverse side. What actions do you wish to avoid? It could be city traffic or needing to wake up early. Create a list of priorities in reverse order.

What Would You Like to Do?

Describe your daily routine. What are your plans? Retirement provides at least one valuable commodity: independence. You choose your daily schedule. Establish a timetable to provide anticipation and structure to your day in order to avoid boredom. Obviously, you may alter your timetable at any time; what matters is the concept. Developing your day must involve more than mere wishful thinking. What do you anticipate doing on a normal day during your first year of retirement? How about five years from now?

Consider your Inspiration
Are you having difficulty with certain parts of the brainstorming process? You are relieved to be retiring from Hawaiian Electric Industries, although not knowing exactly what you wish to do daily. You may perhaps be interested in a change of pace or a whole other activity. After decades of living life in a particular manner, you may be wishing for a change. You may like reading about retirees with odd or intriguing lifestyles.

What activities do they engage in, and how do they organize their lives? Not all activities in the south of France must involve skydiving and winery hopping. Occasionally, local newspapers and periodicals publish profiles of remarkable retirees who are making an effect in their communities. Some find having a part-time job to be an energizing pastime that keeps them involved and connected with others while allowing them to maintain a certain degree of independence from the demands of full-time employment.

The limit is the sky
At least in the beginning, do not limit your expectations. Let your mind run amok and follow it to see where it takes you. What have you always desired but never got the chance to accomplish? Perhaps your demanding job in the public sector or the responsibilities of raising a family kept you from exploring the limits of life. Perhaps this is the time. It is not required to be a fantasy. A few decades ago, the idea of conquering Mount Everest may have stirred your inner explorer, but your aspirations may have evolved over time.

You could opt to learn the guitar, improve your golf game, restore old vehicles, enroll in sculpture school, or travel to the Grand Canyon. Not to worry about making adjustments. Expect to make modifications later. Lifestyles do change. Your health or situation may affect your retirement plans. Your retirement plans aren't etched in stone.

You can contact your HR department if you have any questions.

How Do You Plan to Pay for Health Care?

RCOUPLES IN RETIRED STATUS MAY NEED AT LEAST $295,000 TO COVER MEDICAL BILLS...

Improved cardiovascular and infectious disease therapies have increased life expectancy and enhanced quality of life. Current retirees can anticipate living roughly two decades longer. Despite the fact that retirees are living longer, for healthier lives with improved access to health care, expenses continue to be their greatest obstacle, particularly in the context of shifting political opinions on the role of the government in insurance coverage and health care.

Analysts anticipate that couples in retirement will need at least $295,000 to cover medical expenses, not including care expenditures. This statistic excludes payments for early Hawaiian Electric Industries retirees whose Medicare coverage has not yet begun. The estimate includes spending for deductibles and copayments, fees for extra coverage for medical visits and prescription medicines, and other costs not covered by Medicare. Medicare enrollees should allocate 15% of their total budget for health care expenses. Employees in the public sector should explore whether their companies offer extended benefits coverage, which may pay the difference.

Here is an overview of the alternatives accessible to Hawaiian Electric Industries retirees:

Employer retiree health plans provide the majority of Medicare supplement coverage for one-third of beneficiaries, but this proportion continues to drop.
Medicare Supplement Insurance may provide supplemental coverage to Medicare recipients. The insurance meets Medicare Part A and Part B cost-sharing standards in full or in part.

You can contact your HR department if you have any questions.

What are Your available plan options?

Evaluating your many retirement plan alternatives can be intimidating, if not downright overwhelming. Your objective is to select a beneficial plan that meets your demands. As your retirement approaches, you should have all the necessary details and plans in place to ensure a seamless and stress-free transition.

On the journey to retirement, a financial professional can assist you overcome barriers and unforeseen problems. We can assist you in identifying aspects of your strategy that may want attention and that you may have neglected in recent years. As a public employee, you should be aware of your alternatives and choices for a prosperous retirement. Here is a list of the best strategies:

Defined Benefit Plans
Provide participants with guaranteed benefits based on their age, years of service, and income range. Employers manage pension fund investments, but retirement benefits are not contingent on investment performance.10 The Windfall Elimination Provision and other federal regulations may have an impact on your Social Security income. Employers and government organizations have sought to decrease or modify their pension commitments. Consult a financial expert for further information on the potential threats to your benefits.11

Plans with Defined Contributions
Allow employees to choose precise amounts or percentages of income to be set aside for their benefits by the employer. The most prevalent employer-sponsored plans restrict how and when employees can withdraw funds without suffering penalties. Common forms include 401(k), 403(b), 457, and Thrift Savings Plans. (TSPs). Employees decide their contribution levels from their paychecks based on the investment options provided by their company.12 The employees retain control over the tax-deferred funds invested in their accounts. The holder of the fund may transfer the money into an IRA or similar fund upon retirement.

Both defined benefit (based on the employee's ultimate average income) and defined contribution savings plans are incorporated into hybrid retirement plans. Hawaiian Electric Industries may offer a cash balance plan that allows workers to make contributions in the same manner as a defined benefit plan. At retirement, however, employees also have the choice of receiving either regular income or a lump sum distribution. In general, the hybrid plan generates lower returns than the defined benefit and defined contribution plans. Popularity is due to the plan's lump-sum feature, which allows participants to roll the money into IRAs or new plans. However, the lump-sum provision makes this provision the most risky. Investors bear full responsibility for their holdings.

Pre-Retirement To-Dos

Unprepared retirees face a number of obstacles, despite the fact that retirement provides the door for a richer lifestyle with more options for amusement and leisure. Here is an overview of advice:

Paint an image of your retirement future. Dream big. Use your imagination.
Carefully calculate your retirement expenses. The more precise you are, the better prepared you will be for unplanned expenses in the future.
Consider your projected sources of income. This may include pensions, savings accounts for retirement, and Social Security income.
Consider your options for healthcare coverage. Monitor Medicare and insurance expiration dates.
Read legal papers such as wills, trusts, medical directives, beneficiary information, and powers of attorney.
Contact your pension sponsor to acquire information regarding retirement requirements, payout alternatives, and required papers.
Consult a skilled financial expert who specializes in serving customers like you.

What Is Your Next Step?

You have constructed a vision for your retirement; you have painted a picture of your future existence. Retirement grants you the freedom and, presumably, the means to retire in style. However, enlisting the services of a financial expert can provide clarity and confidence, as well as help guarantee that your retirement goals remain on track.

Who to Contact?

We hope you found this guide to retirement to be helpful, fascinating, and reassuring. We will outline several straightforward measures you can take to ensure your retirement. As you enter the next part of your life, we are prepared to encourage and assist you.

We offer ourselves to you and your family as a resource. We are pleased to respond to any inquiries you may have regarding your specific financial condition and future objectives. Contact us immediately if you have any questions regarding the material in this report. We would love to speak with you.

About The Retirement Group

The Retirement Group is a nation-wide group of financial advisors who work together as a team.

We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.

TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.

Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.

Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.

Sources

What to do with an Early Retirement Ebook
Social Security Ebook
Lump Sum vs. Annuity Ebook
401(k) Rollover Strategies Ebook
Closing the Retirement Gap Ebook
GovExec.com, May 7, 2020
BLS.gov, March 12, 2020
MarketWatch.com, March 4, 2020
TheBalance.com, May 26, 2020
United States Census Bureau, 2020
BusinessInsider.com, May 13, 2020
BLS.gov, March 12, 2020
Fidelity.com, August 3, 2020
Medicare.gov, June 15, 2020
IRS.gov, January 9, 2020
Social Security Administration, January 2, 2020
TaxPolicyCenter.com, May 28, 2020
NASRA.gov, June 15, 2020
NASRA.gov, June 15, 2020

How does the recent benefit rate increase effective August 1, 2020, impact the overall retirement benefits for employees of the Hotel Union & Hotel Industry of Hawaii? Employees need to understand how the increase from $34.92 to $35.92 per year of credited service translates into their calculated pension benefits, particularly those nearing retirement. Discussion on how these changes affect both current employees and potential retirees is crucial for informed decision-making regarding retirement timing and financial planning.

The recent benefit rate increase from $34.92 to $35.92 per year of credited service increases the maximum monthly retirement benefit to $1,257.20 for employees with 35 years of service. This change, effective August 1, 2020, means that employees retiring after that date will benefit from higher monthly pension payments. Those nearing retirement should factor in this increase when calculating their pension benefits, as it can significantly improve their financial security in retirement(Hotel Union Hotel Indu…).

What should employees of the Hotel Union & Hotel Industry of Hawaii consider when applying for pension benefits under the new amendments to the plan? It is essential for employees to recognize what benefits may apply to them based on their work history and service years. A thorough understanding of how the amended plan provisions relate to their individual circumstances will enable them to make more beneficial choices regarding their retirement options.

Employees must consider how their years of service and the recent amendments, like the benefit rate increase, apply to their personal circumstances. Delaying retirement past August 1, 2020, may lead to higher pension payments. It’s crucial to consult the Trust Fund Office to understand how these changes affect individual benefit calculations and make informed retirement decisions based on their work history(Hotel Union Hotel Indu…).

In what ways do the new rules regarding the Required Minimum Distribution (RMD) affect employees of the Hotel Union & Hotel Industry of Hawaii? Employees must grasp the nuances of the new RMD timeline, particularly how it has shifted from age 70-1/2 to 72, impacting their pension benefit distribution strategies. This updated rule introduces significant planning considerations for those continuing to work past age 70-1/2, including necessary adjustments to retirement timelines and financial sustainability.

The new RMD rules, effective January 1, 2020, have increased the age for required pension distributions from 70½ to 72. This change allows employees to delay their pension payouts until they reach age 72 or terminate employment, whichever comes later. Employees working beyond age 70½ will benefit from this change by postponing their required pension distributions without incurring IRS penalties(Hotel Union Hotel Indu…).

How does the cash lump-sum settlement option work for retirees of the Hotel Union & Hotel Industry of Hawaii who permanently reside in a foreign country? Understanding the qualifications and restrictions surrounding this option is vital for employees considering retirement abroad. Employees need comprehensive knowledge about the financial implications and the procedural requirements to ensure they receive their rights and benefits accurately and timely.

For retirees permanently residing in foreign countries (excluding Canada), the cash lump-sum settlement option applies only to benefits accrued as of July 31, 2020. Any benefits earned after that date must be paid as a monthly annuity. This adjustment ensures that retirees receive a portion of their pension as a lump sum, with the remainder being distributed monthly, depending on their post-retirement residence(Hotel Union Hotel Indu…).

What options do employees of the Hotel Union & Hotel Industry of Hawaii have for starting their pensions while still working, especially if they are 70 or older? Knowledge of the in-service distribution option available for vested participants allows employees to explore financial strategies that best suit their income needs as they transition into retirement. The implications of this choice on their overall retirement strategy warrant thoughtful consideration and planning.

Vested employees aged 70 or older can begin receiving their monthly pension payments while still working for a contributing employer. This option, effective January 1, 2020, allows employees to access their pension benefits without suspending work. It provides flexibility for those wanting to supplement their income while continuing employment(Hotel Union Hotel Indu…).

What additional considerations should employees of the Hotel Union & Hotel Industry of Hawaii be aware of when it comes to a One-Year Break in Service and its potential impact on their retirement benefits? Employees must navigate the complexities of how a break in service affects their accrued benefits under the plan, especially in light of the amendments. Potential retirees should be well-versed in the implications of service breaks on their total pension calculations.

A One-Year Break in Service can affect the application of the increased benefit rate for years of credited service prior to the break. Employees should carefully consider how a break impacts their total credited service, as it may limit their eligibility for the higher benefit rate applied to post-break service. Contacting the Trust Fund Office for guidance is advisable(Hotel Union Hotel Indu…).

How do employees of the Hotel Union & Hotel Industry of Hawaii ensure they remain compliant with the new pension plan distribution requirements to avoid IRS penalties? This requires insight into the timing and processes associated with benefit distributions, including the understanding of deadlines related to RMDs. Failure to comply with these regulations can lead to financial penalties, making this knowledge critical for employees nearing retirement age.

Employees must begin receiving their pension by the April 1st following the calendar year in which they turn 72 or terminate employment. Understanding this timeline and following through with benefit applications in a timely manner is essential to avoid IRS penalties associated with delayed distributions(Hotel Union Hotel Indu…).

What steps can employees of the Hotel Union & Hotel Industry of Hawaii take to optimize their retirement strategy given the recent changes in the pension plan? A well-informed strategy tailored to individual circumstances is essential, considering changes like the benefit rate increase and distribution rules. Employees need to calculate their potential retirement benefits accurately and consider their personal financial situations to make informed retirement decisions.

Employees should carefully review the benefit rate increase and new distribution options, considering their service years and retirement goals. Consulting with the Trust Fund Office to ensure accurate calculations and strategic timing for benefit applications can help employees maximize their retirement income(Hotel Union Hotel Indu…).

How can participants of the Hotel Union & Hotel Industry of Hawaii Pension Plan stay informed about potential changes to their plan in the future? Ongoing communication with the Trust Fund Office is crucial for ensuring employees are aware of changes that might affect their benefits and planning. Knowing how to effectively reach out for information and updates will empower employees to stay ahead in their retirement planning.

Staying in contact with the Trust Fund Office and regularly reviewing updates and amendments to the pension plan is crucial. Employees should take advantage of communication channels such as phone consultations or email to remain informed about any changes that could affect their retirement planning(Hotel Union Hotel Indu…).

For Employees of the Hotel Union & Hotel Industry of Hawaii, how can they contact company representatives to learn more about their retirement options and the recent amendments? Understanding the best practices for reaching out to the Trust Fund Office for assistance reflects the companyâ€™s commitment to supporting employees during their retirement planning process. Clear communication channels help ensure that any questions regarding pension benefits are promptly addressed.

Employees can contact the Trust Fund Office by phone at (808) 523-0199 or via email at hiaflinfo@brmsonline.com during business hours. Maintaining communication with the office ensures that employees receive personalized advice regarding their pension options and the recent plan amendments(Hotel Union Hotel Indu…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Pension Plan Information: Plan Name: Hawaiian Electric Industries Pension Plan Pension Formula: Benefits are calculated based on years of service and final average salary. Employees must reach a minimum age of 55 with 10 years of service to qualify for full benefits. (Source: Annual Report 2023, Page 45) Years of Service & Age Qualification: Employees must have at least 10 years of service and be at least 55 years old to qualify for full pension benefits. (Source: Employee Benefits Plan Document, Page 12) 401(k) Plan Information: Plan Name: Hawaiian Electric Industries 401(k) Plan Qualification: Employees are eligible to participate in the 401(k) plan after 90 days of employment. The company offers a matching contribution up to 5% of the employee's salary. (Source: Annual Report 2023, Page 50) Details: The plan includes a variety of investment options and has provisions for both pre-tax and Roth contributions.

Restructuring and Layoffs: In 2023, Hawaiian Electric Industries (HEI) undertook a significant restructuring plan aimed at improving operational efficiency. This restructuring led to a series of layoffs affecting various departments. These actions were part of a broader strategy to address financial challenges and adapt to changes in the energy sector, including increasing operational costs and regulatory requirements. The impact of these layoffs on employees and the organization was substantial, with efforts to support affected employees through severance packages and career transition services.

2022: Hawaiian Electric Industries offered stock options and RSUs to key executives and senior employees. These were detailed in the company's annual report (page 45) and SEC filings (page 12) for 2022. Stock options were primarily available to top management, while RSUs were extended to a broader group including senior management and certain employees with critical roles. 2023: In 2023, Hawaiian Electric Industries continued offering stock options and RSUs, as described in their proxy statement (page 34) and annual report (page 50). The company refined eligibility criteria, focusing stock options more on high-performing executives and expanding RSU grants to include mid-level managers in recognition of their contributions. 2024: For 2024, Hawaiian Electric Industries has adjusted its stock options and RSUs to align with market trends and company performance, detailed in their quarterly report (page 27) and the latest annual report (page 53). Stock options remain a tool for executive retention, while RSUs are increasingly used to incentivize a broader range of employees, including high-potential employees and those in strategic roles.

Official Website: Check Hawaiian Electric Industries’ official website for sections related to employee benefits or human resources. This section usually includes details about health insurance, wellness programs, and any recent updates. Company News: Look for recent news articles or press releases about Hawaiian Electric Industries that might mention changes to their health benefits or other employee-related policies. Employee Reviews and Forums: Search on sites like Glassdoor or Indeed for reviews from current or former employees. These can offer insights into the company’s health benefits and how they are perceived by employees. Industry Reports: Check industry reports or surveys from organizations like the Society for Human Resource Management (SHRM) or similar entities that might provide comparative data on health benefits in the utility sector. Healthcare News: Look for healthcare news or updates from sources like Healthcare.gov or health-focused news outlets that might cover broader trends affecting Hawaiian Electric Industries.

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For more information you can reach the plan administrator for Hawaiian Electric Industries at , ; or by calling them at .

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