2024-11-12T13:09:11-06:00 2023-12-31 261659234 CW ASSOCIATES CPAS 700 BISHOP STREET SUITE 1040 HONOLULU HI 96813 990 2023-01-01 990316955 HAWAIIAN ELECTRIC INDUSTRIES INC VEBA TRUST FOR NON-BARGAINING EMPLOYEES HAWA 8085437948 PO BOX 730 HONOLULU HI 968080730 KURT K MURAO PIC SECRETARY 8085437948 2024-10-21 1 0 VERA WRIGHT P00024010 8085311040 2024-10-19 2023 2024-10-15 13:58:12Z KURT K MURAO PO BOX 730 HONOLULU HI 968080730 4176953 0 X N/A X 1994 HI THE TRUST IS A FUNDING VEHICLE FOR THE POST-RETIREMENT WELFARE BENEFITS PLAN FOR EMPLOYEES OF HAWAIIAN ELECTRIC COMPANY, INC. AND PARTICIPATING EMPLOYERS. 5 1 0 0 2071523 1919797 0 0 1816054 1960703 2601622 2071523 0 0 4417676 4032226 0 0 2646772 2612349 0 0 0 0 0 -3113903 2422625 -467131 5034974 4884807 -1002748 40820665 45146716 2021094 3566637 38799571 41580079 THE TRUST IS A FUNDING VEHICLE FOR THE "POST-RETIREMENT WELFARE BENEFITS PLAN FOR THE EMPLOYEES OF HAWAIIAN ELECTRIC COMPANY, INC. AND PARTICIPATING EMPLOYERS." 0 0 FUNDING VEHICLE 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 5 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X CHISATO TAKEDA 8085437948 PO BOX 730 HONOLULU HI 968080730 X HEI PENSION INVESTMENT COMMITTEE (SEE SCHEDULE O) 0.00 X 0 0 0 BANK OF NEW YORK MELLON CORP TRUSTEE 0.00 X 34629 103801 0 34629 103801 0 0 0 0 0 0 EMPLOYER PLAN CONTRIBUTIONS 900001 1960703 1960703 1960703 2216250 2216250 144727 -144727 -144727 -144727 4032226 0 2071523 1960703 2612349 2913 5998 101814 62623 INCOME TAXES 2243561 FOREIGN TAXES 5716 5034974 1687 40648763 44916762 170215 229954 40820665 45146716 62152 77695 1958942 3488942 2021094 3566637 X 0 0 0 0 38799571 41580079 38799571 41580079 40820665 45146716 X -1002748 3783236 20 X 0 1 X 1 0 0 INVESTMENT IN HEI MVT 36636821 C UNREALIZED GAIN IN HEI MVT 8279941 F 44916762 DEFERRED TAX LIABILITY 3461129 STATE CURRENT TAX LIABILITY 27813 3488942 X PART X, LINE 2: HEI IS NOT AWARE OF ANY VIOLATIONS OF CODE OR ERISA REQUIREMENTS THAT WOULD JEOPARDIZE THE PLAN'S TAX EXEMPT STATUS AND, AS OF DECEMBER 31, 2023 AND 2022, HAS CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE PLAN IS PERIODICALLY AUDITED BY THE DEPARTMENT OF LABOR (DOL). CURRENTLY, THERE IS NO AUDIT IN PROGRESS. FORM 990, PART VI, SECTION B, LINE 11B A DESIGNATED MEMBER OF THE HAWAIIAN ELECTRIC INDUSTRIES, INC. ("HEI") PENSION INVESTMENT COMMITTEE ("PIC") REVIEWS THE FORM 990 BEFORE SIGNING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12 THE ORGANIZATION IS AN EXEMPT IRS SECTION 501(C)(9) VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION ("VEBA") TRUST. THE HEI PIC MANAGES AND DIRECTS THE INVESTMENT OF THE ASSETS OF THE VEBA TRUST. THE PIC MEMBERS ARE SUBJECT TO THE HEI WRITTEN CONFLICT OF INTEREST POLICY WHICH IS PART OF HEI'S CORPORATE CODE OF CONDUCT. HEI REGULARLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CORPORATE CODE OF CONDUCT. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION IS AN EXEMPT IRC SECTION 501(C)(9) VEBA TRUST. IT DOES NOT HAVE ANY OFFICERS, EMPLOYEES, OR DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 HEI'S WRITTEN CONFLICT OF INTEREST POLICY IS PART OF HEI'S CORPORATE CODE OF CONDUCT. HEI'S CODE OF CONDUCT IS PUBLICLY AVAILABLE ON HEI'S WEBSITE AT WWW.HEI.COM. FORM 990, PART VII, SECTION A: THE ORGANIZATION IS AN EXEMPT IRC SECTION 501(C)(9) VEBA TRUST USED TO FUND BENEFITS UNDER THE POSTRETIREMENT WELFARE BENEFITS PLAN FOR EMPLOYEES OF HAWAIIAN ELECTRIC COMPANY, INC. & PARTICIPATING EMPLOYERS ("PLAN"). THE VEBA TRUST HAS NO OFFICERS, EMPLOYEES, OR DIRECTORS. THE PLAN WAS ESTABLISHED BY HAWAIIAN ELECTRIC COMPANY ("HECO") TO PROVIDE POSTRETIREMENT HEALTH AND GROUP LIFE INSURANCE BENEFITS. HECO IS THE PLAN ADMINISTRATOR WITH THE AUTHORITY TO CONTROL AND MANAGE THE OPERATION AND MAINTENANCE OF THE PLAN. HECO IS A WHOLLY OWNED SUBSIDIARY OF HAWAIIAN ELECTRIC INDUSTRIES, INC. ("HEI"). PARTICIPANTS OF THE PLAN ARE EMPLOYEES AND FORMER EMPLOYEES OF HEI, HECO, AND HECO'S SUBSIDIARIES THAT MEET THE PLAN'S ELIGIBILITY REQUIREMENTS. THE HEI PIC MANAGES AND DIRECTS THE INVESTMENT OF THE ASSETS OF THE PLAN FOR THE EXCLUSIVE BENEFIT OF THE PARTICIPANTS ELIGIBLE FOR PLAN BENEFITS. THE VEBA IS ONE OF THE FUNDING VEHICLES FOR THE PLAN'S ASSETS AND THE PIC MANAGES AND DIRECTS THE INVESTMENT OF THE VEBA'S ASSETS. MEMBERS OF THE PIC ARE APPOINTED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF HEI. PIC MEMBERS ARE OFFICERS OF HEI AND ITS AFFILIATED COMPANIES. NEITHER THE PIC NOR ITS MEMBERS ARE COMPENSATED BY THE VEBA. HEI PENSION INVESTMENT COMMITTEE MEMBERS AT 12/31/23 ARE: SCOTT W. H. SEU, CHAIRMAN KURT K. MURAO, SECRETARY SCOTT T. DEGHETTO, MEMBER SHELEE M. T. KIMURA, MEMBER ANN C. TERANISHI, MEMBER FORM 990, PART XI, LINE 9: NET GAIN FROM K-1S 20. HEI INC VEBA TRUST FOR BARGAINING UNIT PO BOX 730 HONOLULU HI 96808 996067555 FUNDING VEHIC HI 501(C)(9) N/A N/A 0 HAWAIIAN ELECTRIC INDUSTRIES INC PO BOX 730 HONOLULU HI 96808 990208097 SPONSOR HI N/A C 0 HAWAIIAN ELECTRIC COMPANY INC PO BOX 2750 HONOLULU HI 96840 990040500 SPONSOR HI N/A C 0 HAWAII ELECTRIC LIGHT COMPANY INC PO BOX 1027 HILO HI 96721 990041070 SPONSOR HI N/A C 0 MAUI ELECTRIC COMPANY LTD PO BOX 398 KAHULUI HI 96733 990047800 SPONSOR HI N/A C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 HAWAIIAN ELECTRIC COMPANY INC S 1345461 COST HAWAII ELECTRIC LIGHT COMPANY INC S 357459 COST MAUI ELECTRIC COMPANY LTD S 189176 COST HAWAIIAN ELECTRIC INDUSTRIES INC S 68607 COST