Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 268

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 268
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2025.As of December 31, 2024, expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter were as follows: 

        (dollars in thousands)
         
        PensionBenefits

        PostretirementBenefits

        2025
         
        $
        7,207

        $
        1,701

        2026

        7,108

        1,695

        2027

        7,001

        1,759

        2028

        6,855

        1,777

        2029

        6,708

        1,829

        Years 2030-2034

        30,695

        9,515

       Retirement Plan AssetsThe Company’s overall investment strategy is to maintain an adequate level of funding to secure current and future retiree benefits. This objective is based on a long-term investment horizon to maintain cash reserves sufficient to pay pension benefits and expenses, achieve the highest long-term rate of return practicable without taking excessive risk and de-risk in an orderly fashion. The long-term investment objective is to achieve an overall annualized total return, gross of fees, in line with the blended benchmark index comprised of 80% MSCI ACWI IMI Index and 20% Custom Growth Fixed Income Benchmark.Subject to liquidity requirements, the asset allocation targets are 80% public global equity securities and 20% growth fixed income securities with a 10% to 15% range permitted from the strategic targets. The fair values of the Retirement Plan assets as of December 31, 2024 and 2023 by asset category were as follows: 

        Fair Value Measurements as of December 31,

        (dollars in thousands)
         
        2024

        2023

        Cash
         
        $
        857

        $
        6,214

        Collective Investment Funds

        73,884

        72,000

        Total Investments at Fair Value
         
        $
        74,741

        $
        78,214

       The fair value of the collective investment fund is based on net asset value of units as a practical expedient, and therefore the asset is not classified in the fair value hierarchy.

93

Note 15.  Share-Based CompensationThe Company has share-based compensation plans which allow grants of stock options,