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PENSION markets — our current situ-

ation — are less common
but not uncommon. Prior
TRACKING THE MONEY
Hawaii Employees’ Retirement System pension fund CATALUNA
Continued from B1 investments fell in the third quarter of fiscal 2020 from Continued from B1
to this quarter there were the previous quarter. The investment return does not
25 S&P 500 bear markets correlate to the change in total assets due to benefit
she said. “Global equities since 1928 — almost the ex- distributions and contributions. COVID-19 decisions OK’d to think through all the
were down 22%, commodi- act same number of bull by him, but seems to per- possible outcomes to an
GAIN/ TOTAL GAIN/ TOTAL
ties down nearly 40% and no markets (26).” FISCAL YEAR* LOSS FISCAL YEAR LOSS
sist, showing up not only action before announcing a
ASSETS ASSETS
return from bonds. The ERS Burton emphasized that as a lack of coordination decision.
portfolio was down (about) the ERS portfolio is designed 2020 3Q** -9.5% $16.2B 2014 +17.4% $14.1B and communication but a But though it’s under-
10%. While it is always dis- for the long term. 2020 2Q*** +3.6% $18.0B 2013 +12.0% $12.3B source of contention be- standable, it’s still really
appointing to have a nega- ”Bear markets and correc- tween levels of government irritating.
tive return, this is far better tions are expected over time 2020 1Q**** +1.7% $17.4B 2012 -0.6% $11.3B and sometimes within At the end of this week,
than peer funds who were and we design the portfolio 2019 +6.0% $17.2B 2011 +20.7% $11.6B government agencies. we learned that though
down nearly 40% more. Our in anticipation of these Granted, a lot of stuff is shopping malls are being
risk-focused, conservative events,” she said. “Therefore 2018 +7.9% $16.6B 2010 +11.7% $9.8B confusing right now. We opened and Oahu restau-
approach has preserved we do not drastically alter 2017 +13.9% $15.7B 2009 -18.7% $8.8B haven’t done this before rants may be able to offer
capital as we planned.” our portfolio composition and we’re all figuring stuff sit-down dining by June 5,
2016 -0.9% $14.0B 2008 -3.4% $10.8B
During the quarter, the when they occur. That said, out as we go. the “safer-at-home” order is
fund’s broad-growth stocks, we are always cautious and 2015 +4.0% $14.4B B = billion There are surprises being extended all the way
which made up 73.2% of the thoughtful and may tilt the * Fiscal year ends June 30 *** Fiscal year ended Dec. 31 everywhere. through the month of June.
portfolio at the end of the portfolio slightly within our ** Fiscal year ended March 31 **** Fiscal year ended Sept. 30 For example, Whole What are we to make of
quarter, fell 14.2%. However, investment policy band- Source: State of Hawaii Employees’ Retirement System Foods is no longer allowing this? Go out if you must but
the fund’s crisis risk offset width towards those invest- STAR-ADVERTISER customers to bring in re­ stay home if you can.
asset class, which com- ments we expect to usable shopping bags from Don’t go back to work
prised 15.4% of the fund, over(perform) or underper- hearing Thursday that it is plan’s unfunded liabilities home or fill their reusable unless you sell shoes at the
rose 11.4%. The crisis risk form in the medium term.” opposed to the idea because and in others to meet the cups at the coffee bar mall. Support the economy
offset class consists of With the pension fund of a potential adverse effect current and future years (though shoppers can but don’t touch anything.
long-maturity cash bonds only 55.2% funded heading on the state’s bond rating. contribution requirements,” carry out their purchases Open the malls so the
and other defensive strate- into fiscal 2020, the Legisla- The state is forecast to Williams said. “Additionally, and pack their reusable tourists who aren’t sup-
gies that when combined ture sought to authorize the contribute $780 million to they might be used to pro- bags in the trunk of their posed to be here can buy
are designed to preserve administration to issue the ERS for the fiscal year vide valuable fiscal flexibil- car.) Or the odd fact that souvenirs of their renegade
value in declining markets. “pension obligation bonds” ending June 30, 2021, to ity to the plan sponsor. Our you can walk right in an vacation.
“The market has forgotten that would allow the state cover its pension obliga- board has not taken a posi- office supply store and buy Moving forward from
that market corrections government to borrow the tions for state workers, and tion relative to their issu- erasable pens off the shelf lockdown is bound to be
(10%) and bear markets money it needs to make an- pension bonds would have ance by the state. Our but you have to sit in your confusing, but maybe it
(20%) are actually com- nual pension payments on allowed the state to borrow board’s clear priority is that car to have your dinner doesn’t have to be laugh-
mon,” Burton said. “We have behalf of public workers. that money in the near term required contributions be order brought to you. ably so.
had them in 2018, 2016, However, the state Depart- and repay it later. made as legislatively man- What’s happening locally ———
2011, 2010, 2002, 1999 and ment of Budget and Finance “Pension obligation bond dated. We are less con- is what’s happening glob- Reach Lee Cataluna
so on. Corrections are com- said during a Senate Ways proceeds have been used in cerned as to the source of ally: conflicting messages, at 529-4315 or lcataluna@
mon in bull markets. Bear and Means Committee some instances to reduce a those contributions.” lack of consensus, failure staradvertiser.com.

IN MEMORY
DENOTES U.S. MILITARY VETERAN

JOHN OWEN HEIDTKE BARBARA “BOBBEE” MILLS DIAZ

John Owen Heidtke, 99, passed
away on April 10, 2020. As a
teenager, John joined the US
Civilian Conservation Corps (CCC)
program in upper Michigan
building roads, fighting forest
fires, fish hatchery spawning and
planting thousands of fir trees.
He worked at the Goodyear
Tire Company before being
drafted into the US Army and
served in England, France &
Germany during WWII. He later
enlisted in the Air Force and
was stationed in Japan during
the Korean War where he met
and married Mitsuko (his wife
of 64 years). Moved to Hawaii
in 1961 and had a career at Fort
Shafter as a Supply Officer. He
enjoyed living and raising his family
overlooking beautiful Kane’ohe
Bay. "Johnny-O" is survived by
his wife Mitsuko, Son James
Heidtke, Daughter Patsy (Brian)
Derby, Son Jeffrey (Janel) Heidtke
and his six grandchildren; Tarina,
Jordan, Jeremy, Tate, Jacob and
Jasmine
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JOSEPH LOUIS
VIERRA JR.
Retired SP7 Joseph Louis Vierra
Jr. died in his home on April 9,
2020 at the age of 91. He was
born on April 24, 1928 on the
island of Maui. Mr. Vierra is
survived by his children Vera
Kapualani, Jerome Elliot, Wanda
Jan, and Aaron Louis, 12 grand-
children, and 4 great-grandchildren.
He served in the US Army for
26 years, he spearheaded the
Learning for Life Program with
the Boy Scouts of America, and
volunteered with the Oahu Civil
Defense. Mr. Vierra was laid to
rest with his late wife Sayuri
Matayoshi at the Schofield
cemetery in a private burial.
KATHLEEN A.
CAMPBELL
63, of Kailua, died in Honolulu on
April 11, 2020, after a brief illness.
She was a retired Lieutenant
with the Honolulu Police Department
and a U. S. Army veteran. She
had an adventurous spirit and
a lust for life. She made lots of
friends throughout her worldwide
travels. She was loved greatly
and will be missed immensely by
her family and friends. She was
born in Aguadilla, Puerto Rico.
Private services. A celebration of
life will be held at a later date.
LISA NALANI ATON
KAMAKAIWI Barbara Mills Diaz, 97, passed away on May 8, 2020 at The
Queen’s Medical Center. She was born on October 3, 1922 in
Lisa passed away and ascended into Haverhill, Massachusetts where her family home still stands and is
Heaven on May lst, Lei Day in Hawaii, on the town’s historic register. She met and married her husband
2020 surrounded by her loving family. George Mills when they were students at Colorado College. After
George completed medical school in Boston, they returned to his
Born in Wahiawa on June 6, 1967, home in Hawai‘i.
she graduated from Leilehua High Bobbee’s infinite positive spirit is remembered by many who
School class of 1985. She went on to spent time at the family home in Punalu‘u. In her last years she
earn her Associate of Science Degree at lived at Kalakaua Gardens where the staff admired her upbeat
Leeward Community College. After which she ventured to Vallejo, attitude and sharp mind; she was on the bowling team and was a
California, for a few years before moving back to Hawaii. She was member of the Bible study group. She loved to read, was a skilled
employed at Wyland Galleries and Aloha Airlines before settling in writer, and an expert knitter.
as an Educational Assistant on Maui, first at Kahului and finally for Her contribution to the Hawaiian culture she came to embrace is
Kula Elementary school. best described through her work creating the Hawaiian Moon
Lisa married the love her life, Ralph Kamakaiwi and raised two Calendar, the rights of which she gave to the Prince Kuhio Hawaiian
children … Marcus and Mia. She was always very proud and Civic Club to use as their annual fundraiser. Originally drafted in the
beamed at the accomplishments of her children who excelled in sixties as a passion project and as a way to immerse herself in the
long distance running and soccer. Both attended King Kekaulike culture of her husband and her new home, it became a familiar
High School, where she touched and met many inspirational fishing and farming guide that to this day hangs in many homes
teachers who played critical roles in the lives of her children. Lisa and businesses.
was always one to organize and lead our family’s annual Christmas Bobbee is predeceased by her husband George Mills, sons
Party celebrations, She had a passion for creating handmade art George Mills, Jr. and Kibby Mills, and second husband John Diaz.
pieces that brought great joy to her, as she gave them to family and Bobbee leaves behind her son Kimo (Linda) Mills; daughter Pua
friends. She was well known for her kind, sincere and compassionate (Bill) Ka’ai and grandsons Kahaku and Koa; granddaughter Malie
spirit… she will be sorely missed. Fernandez; daughter-in-law Ronna Mills; daughter-in-law Nilmah
The “collateral beauty” that came along with her long battle with Mills, grandsons Tad (Malia) Mills and Grayson (Tricia) Mills,
cancer was the support from the Queen’s Medical Center and more granddaughter Liz Mills; and great-granddaughters Ada, Paige and
specifically Dr. Clayton Chong, Dr. Bernstein, Kanani Yojo and the Fumiko.
Oncology Unit Staff. Despite the onset and uncertainties of the A scattering of her ashes at Punalu‘u is pending.
Pandemic…all displayed courage and a smiling face for each day,
being there when others couldn’t, truly displaying Heaven’s Love. Davena Momi Ah You Leonora
The beauty would be incomplete to not mention her Aunt Shirley, 55, of Laie, Hawaii, died in Taganap Calixtro
who was always there to support and lift her spirits; the love and Kahuku Hospital on April 20, 2020. 99, of Wahiawa, Hawaii, died in
support of her sisters, nieces and nephews, in-laws, all her She was born in Kahuku. Burial: Waipahu on April 5, 2020. She
extended ohana, including hanai brother Scotty… friends far and 11:00 a.m. on Friday, May 22, 2020 was born in Banog, Bani,
wide, during her brave fight with cancer. at Valley of the Temples Cemetery. Pangasinan, Philippines. Private
Lisa is survived by her immediate family Ralph, Marcus and Mia.
Her father and mother R. Doug and Joyce Aton; sisters Kris Kanani
Services held.
(Ama, Napahu & Tapu), and Robyn (Dewey Kauka Cyrus, Tatum, Leopoldo Ancheta
Seth and Kaeo). 80, of Mililani, Hawaii, Kathleen A. Campbell
died on April 18, 2020 in 63, of Kailua, Hawaii, died in
A Celebration of Life will be planned in the near future. Mililani. He was born in Pahala.
Honolulu on April 11, 2020. She
Services to be held at a later was born in Aguadilla, Puerto
date. Rico. Private Services.
EDWIN "RICO" FELIX Alvin M. Arakaki Rufo "Rufus"
88, of Wahiawa, Hawaii, Cardenas, Jr.
died on March 7, 2020 in
Kailua. He was born in Kipapa. 64, of Kapahi, Kauai, Hawaii,
Private Services held. died on May 11, 2020 at his
82, of Ewa Beach, Hawaii, died in home. He was born in Lihue on
Kaneohe on May 2, 2020. He was born
August 26, 1955. Services to be
in Piddig, Ilocos Norte, Philippines. He Tyson "Big Tys" announced at a later date.
served honorably for 20 years with the
U.S. Navy. Kawananakoa Araneta
Edwin is survived by his loving wife, 30, of Kapaa, Kauai, Hawaii, died Alan George Choi
Shirley; his beloved children: MaryAnn on May 3, 2020 at his home. He 76, of Honolulu, Hawaii,
(Antonio), Melanie, Raymund, and Michelle (Harry); adored was born on September 16, 1989 died on April 12, 2020 in
grandchildren: Maria, LaToya (Brandon), Michael (Kassondra) and in Lihue. Services to be announced Honolulu. He was born in Honolulu.
Haden and cherished great grandchildren: Emmitt and Tristan. at a later date. Services pending.
Services are pending with details to be provided at a later date.
Maurice M. Arrisgado Clifford G.Y. Chong
82, of Honolulu, Hawaii, 60, of Morristown, New Jersey,
EARL HOWARD died on April 26, 2020 in died on April 18, 2020 in
PEREZ Honolulu. He was born in Waimea, Morristown. He was born on
Kauai. Private services were held. November 25, 1959 in Honolulu,
Hawaii. Services will be held at a
Of Kaneohe, passed away on later date.
May 2nd, 2020 at age 76. He Lani Yvonne Ayala
was born in Honolulu Hawai’i 77, of Honolulu, Hawaii, died in
February 7th, 1944. He met the Honolulu on April 8, 2020. She James L. Copelan
Love of his Life at the age of 19 was born in Honolulu. Private 75, of Mililani, HI, died in
Aurora R. Sanchez they got Services held. Mililani on Sunday, May 3,
married on August 31st 1964. 2020. He was born in Honolulu,
He started his job at Pearl HI. Private services held.
Rosita Delos Santos
Harbor Naval Ship Yard as an
Badua
Oiler and became a Rigger or Natasha C. Daligcon
Crane Operator. His passion in 90, of Ewa Beach, HI, died in 47, of Lihue, Kauai, Hawaii, died
CONSOLACION Ewa Beach on Sunday, April 12,
CAYABAN life was Wild Boar Hunting and on May 10, 2020 at her home.
he also Hunted Deer and Mouflon 2020. She was born in Banna, She was born on July 24, 1972 in
NATIVIDAD on the outer Islands. Earl is Ilocos Norte, Philippines. Private Waimea. Services will be held at
survived by his wife Aurora R. Services held. a later date.
Age 98, of Waiphau, Hawaii, Perez, 7 children Allan, Cindy,
died April 18, 2020 at Queens Bobby, Brenda (Deceased), Joseph,
Medical Center West Oahu.
Rogelio Bala Bajar Jesus Bernard
Aurora, Miriam and Joan, 22 60, of Ewa Beach, Hawaii, died
in Ewa Beach on April 28, 2020. Edward Dela Cruz
She was born November 12, grandchildren and 23 great-
1921 in Piddig, Ilocos Norte, grandchildren, 2 Brothers - 2 67, of Waipahu, Hawaii,
Phillipines. She married Valeriano He was born in the Philippines.
(Deceased) and 3 Sisters - 2 died on May 1, 2020 in
Natividad on May 8, 1942 and (Deceased). Funeral arrangements Honolulu. He was born in Honolulu.
came to Hawaii in 1971. will be held at Borthwick Mortuary Raymond Baoy
She was predeceased by son on May 19th 2020 from 8:30- 84, of Kaneohe, Hawaii, died in
Antonio (Boy) Natividad, husband Kaneohe on May 5, 2020. He was
Florence C. Diamond
10:30am. Due to the Pandemic 97, of Wahiawa, Hawaii, died in
Valeriano Natividad, grandson Borthwick is allowing only 50 born in South Kona. Celebration
Ryan Lapastora and daughter Waipahu on May 7, 2020. She
family members to attend the of life will be held at a later date.
Leony Valdez. She is survived was born in Wahiawa. Services
services. Burial to follow at to be held at a later date.
by daughter Marianita (Andres) Hawaiian Memorial at 11:00am
Talaro, son Moses (Elsie Grace) Zacarias Candillasa
where everyone is welcomed.
Natividad, daughter Teresa We the family of Earl H. Perez Baricuatro Millie Grande Duldulao
(Rolando) Lapastora, daughter would like to Thank all of you 93, of Wahiawa, Hawaii, 64, of Ewa Beach, Hawaii, died
Elsa (David) Aviles, 10 grand- for the Love and Support. Mahalo died on May 1, 2020 in on February 28, 2020 in Ewa
children and 10 great-grandchildren. & Aloha The Perez ‘Ohana. Wahiawa. He was born in Beach. She was born in Paoay,
A private service was held. Honolulu. Services to be held at Ilocos Norte, Philippines. Private
a later date. Services held.