Retirement benefits

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Retirement benefits

Note 10 · Retirement benefits

Defined benefit plans. Substantially all of the employees of HEI and the Utilities participate in the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries (HEI Pension Plan). Substantially all of the employees of ASB participated in the American Savings Bank Retirement Plan (ASB Pension Plan) until it was frozen on December 31, 2007. The HEI Pension Plan and the ASB Pension Plan (collectively, the Plans) are qualified, noncontributory defined benefit pension plans and include, in the case of the HEI Pension Plan, benefits for utility union employees determined in accordance with the terms of the collective bargaining agreements between the Utilities and the union. The Plans are subject to the provisions of ERISA. In addition, some current and former executives and directors of HEI and its subsidiaries participate in noncontributory, nonqualified plans (collectively, Supplemental Plans). In general, benefits are based on the employees’ or directors’ years of service and compensation.

The continuation of the Plans and the Supplemental Plans and the payment of any contribution thereunder are not assumed as contractual obligations by the participating employers. The Supplemental Plan for directors has been frozen since 1996. The ASB Pension Plan was frozen as of December 31, 2007. The HEI Supplemental Executive Retirement Plan and ASB Supplemental Executive Retirement, Disability, and Death Benefit Plan (noncontributory, nonqualified, defined benefit plans) were frozen as of December 31, 2008. No participants have accrued any benefits under these plans after the respective plan’s freeze and the plans will be terminated at the time all remaining benefits have been paid.

Each participating employer reserves the right to terminate its participation in the applicable plans at any time, and HEI and ASB reserve the right to terminate their respective plans at any time. If a participating employer terminates its participation in the Plans, the interest of each affected participant would become 100% vested to the extent funded. Upon the termination of the Plans, assets would be distributed to affected participants in accordance with the applicable allocation provisions of ERISA and any excess assets that exist would be paid to the participating employers. Participants’ benefits in the Plans are covered up to certain limits under insurance provided by the Pension Benefit Guaranty Corporation.

Postretirement benefits other than pensions.  HEI and the Utilities provide eligible employees health and life insurance benefits upon retirement under the Postretirement Welfare Benefits Plan for Employees of Hawaiian Electric Company, Inc. and participating employers (Hawaiian Electric Benefits Plan). Eligibility of employees and dependents is based on eligibility to retire at termination, the retirement date and the date of hire. The plan was amended in 2011, changing eligibility for certain bargaining unit employees hired prior to May 1, 2011, based on new minimum age and service requirements effective January 1, 2012, per the collective bargaining agreement, and certain management employees hired prior to May 1, 2011 based on new eligibility minimum age and service requirements effective January 1, 2012. The minimum age and service requirements for management and bargaining unit employees hired May 1, 2011 and thereafter have increased and their dependents are not eligible to receive postretirement benefits. Employees may be eligible to receive benefits from the HEI Pension Plan but may not be eligible for postretirement welfare benefits if the different eligibility requirements are not met.

The executive death benefit plan was frozen on September 10, 2009 for participants at benefit levels as of that date.

The Company’s and Utilities’ cost for OPEB has been adjusted to reflect the plan amendments, which reduced benefits and created prior service credits to be amortized over average future service of affected participants. The amortization of the prior service credit will reduce benefit costs until the various credit bases are fully recognized. Each participating employer reserves the right to terminate its participation in the Hawaiian Electric Benefits Plan at any time.

Balance sheet recognition of the funded status of retirement plans.  Employers must recognize on their balance sheets the funded status of defined benefit pension and other postretirement benefit plans with an offset to AOCI in shareholders’ equity (using the projected benefit obligation (PBO) and accumulated postretirement benefit obligation (APBO), to calculate the funded status).

The PUC allowed the Utilities to adopt pension and OPEB tracking mechanisms in previous rate cases. The amount of the net periodic pension cost (NPPC) and net periodic benefits costs (NPBC) to be recovered in rates is established by the PUC in each rate case. Under the Utilities’ tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over 5 years beginning with the respective utility’s next rate case. Accordingly, all retirement benefit expenses (except for executive life and nonqualified pension plan expenses, which amounted to $1.1 million in 2020 and 2019) determined in accordance with GAAP will be recovered.

Under the tracking mechanisms, amounts that would otherwise be recorded in AOCI (excluding amounts for executive life and nonqualified pension plans), net of taxes, as well as other pension and OPEB charges, are allowed to be reclassified as a regulatory asset, as those costs will be recovered in rates through the NPPC and NPBC in the future. The Utilities have

reclassified to a regulatory asset/(liability) charges for retirement benefits that would otherwise be recorded in AOCI (amounting to the elimination of a potential adjustment to AOCI of $53.7 million pretax and $(21.8) million pretax for 2020 and 2019, respectively).

Under the pension tracking mechanism, the Utilities are required to make contributions to the pension trust in the amount of the actuarially calculated NPPC, except when limited by the ERISA minimum contribution requirements or the maximum contributions imposed by the Internal Revenue Code. Contributions in excess of the calculated NPPC are recorded in a separate regulatory asset.

The OPEB tracking mechanisms generally require the Utilities to make contributions to the OPEB trust in the amount of the actuarially calculated NPBC, (excluding amounts for executive life), except when limited by material, adverse consequences imposed by federal regulations. Future decisions in rate cases could further impact funding amounts.

Defined benefit pension and other postretirement benefit plans information.  The changes in the obligations and assets of the Company’s and Utilities’ retirement benefit plans and the changes in AOCI (gross) for 2020 and 2019 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities’ consolidated balance sheets as of December 31, 2020 and 2019 were as follows:

	2020				2019
(in thousands)	Pension benefits		Other benefits		Pension benefits		Other benefits
HEI consolidated
Benefit obligation, January 1	$	2,278,283	$	215,639	$	1,991,384	$	188,666
Service cost	73,387		2,537		62,135		2,209
Interest cost	81,335		7,407		84,267		8,004
Actuarial losses	275,973		9,785		224,421		25,998
Participants contributions	—		2,768		—		2,351
Benefits paid and expenses	(84,448)		(11,715)		(83,924)		(11,589)
Benefit obligation, December 31	2,624,530		226,421		2,278,283		215,639
Fair value of plan assets, January 1	1,799,200		200,831		1,479,067		173,693
Actual return on plan assets	302,566		27,678		354,072		35,525
Employer contributions	70,844		—		48,629		—
Participants contributions	—		2,768		—		2,351
Benefits paid and expenses	(83,119)		(11,404)		(82,568)		(10,738)
Fair value of plan assets, December 31	2,089,491		219,873		1,799,200		200,831
Accrued benefit asset (liability), December 31	$	(535,039)	$	(6,548)	$	(479,083)	$	(14,808)
Other assets	$	25,851	$	—	$	19,396	$	—
Defined benefit pension and other postretirement benefit plans liability	(560,890)		(6,548)		(498,479)		(14,808)
Accrued benefit asset (liability), December 31	$	(535,039)	$	(6,548)	$	(479,083)	$	(14,808)
AOCI debit, January 1 (excluding impact of PUC D&Os)	$	503,821	$	6,610	$	536,920	$	1,962
Recognized during year – prior service credit (cost)	(8)		1,761		42		1,806
Recognized during year – net actuarial (losses) gains	(33,456)		(208)		(15,479)		13
Occurring during year – net actuarial losses (gains)	87,207		(5,768)		(17,662)		2,829
AOCI debit before cumulative impact of PUC D&Os, December 31	557,564		2,395		503,821		6,610
Cumulative impact of PUC D&Os	(534,594)		(1,177)		(474,628)		(7,458)
AOCI debit/(credit), December 31	$	22,970	$	1,218	$	29,193	$	(848)
Net actuarial loss	$	557,564	$	5,731	$	503,813	$	11,707
Prior service cost (gain)	—		(3,336)		8		(5,097)
AOCI debit before cumulative impact of PUC D&Os, December 31	557,564		2,395		503,821		6,610
Cumulative impact of PUC D&Os	(534,594)		(1,177)		(474,628)		(7,458)
AOCI debit/(credit), December 31	22,970		1,218		29,193		(848)
Income taxes (benefits)	(5,988)		(313)		(7,677)		219
AOCI debit/(credit), net of taxes (benefits), December 31	$	16,982	$	905	$	21,516	$	(629)
As of December 31, 2020 and 2019, the other postretirement benefit plans shown in the table above had APBOs in excess of plan assets.

	2020				2019
(in thousands)	Pension benefits		Other benefits		Pension benefits		Other benefits
Hawaiian Electric consolidated
Benefit obligation, January 1	$	2,110,904	$	207,073	$	1,837,653	$	181,162
Service cost	71,604		2,515		60,461		2,191
Interest cost	75,484		7,103		77,851		7,673
Actuarial losses	260,102		9,151		212,310		25,123
Participants contributions	—		2,717		—		2,311
Benefits paid and expenses	(77,336)		(11,485)		(77,060)		(11,382)
Transfers	—		—		(311)		(5)
Benefit obligation, December 31	2,440,758		217,074		2,110,904		207,073
Fair value of plan assets, January 1	1,640,417		197,564		1,343,113		170,862
Actual return on plan assets	276,453		27,207		326,204		34,928
Employer contributions	69,720		—		47,808		—
Participants contributions	—		2,717		—		2,311
Benefits paid and expenses	(76,860)		(11,173)		(76,581)		(10,532)
Other	—		—		(127)		(5)
Fair value of plan assets, December 31	1,909,730		216,315		1,640,417		197,564
Accrued benefit liability, December 31	$	(531,028)	$	(759)	$	(470,487)	$	(9,509)
Other liabilities (short-term)	(535)		(720)		(518)		(715)
Defined benefit pension and other postretirement benefit plans liability	(530,493)		(39)		(469,969)		(8,794)
Accrued benefit liability, December 31	$	(531,028)	$	(759)	$	(470,487)	$	(9,509)
AOCI debit, January 1 (excluding impact of PUC D&Os)	$	478,078	$	5,730	$	502,189	$	1,551
Recognized during year – prior service credit (cost)	(9)		1,758		(7)		1,803
Recognized during year – net actuarial losses	(30,566)		(207)		(14,658)		—
Occurring during year – net actuarial losses (gains)	91,018		(6,100)		(9,446)		2,376
AOCI debit before cumulative impact of PUC D&Os, December 31	538,521		1,181		478,078		5,730
Cumulative impact of PUC D&Os	(534,594)		(1,177)		(474,628)		(7,458)
AOCI debit/(credit), December 31	$	3,927	$	4	$	3,450	$	(1,728)
Net actuarial loss	$	538,521	$	4,508	$	478,069	$	10,815
Prior service cost (gain)	—		(3,327)		9		(5,085)
AOCI debit before cumulative impact of PUC D&Os, December 31	538,521		1,181		478,078		5,730
Cumulative impact of PUC D&Os	(534,594)		(1,177)		(474,628)		(7,458)
AOCI debit/(credit), December 31	3,927		4		3,450		(1,728)
Income taxes (benefits)	(1,011)		(1)		(888)		445
AOCI debit/(credit), net of taxes (benefits), December 31	$	2,916	$	3	$	2,562	$	(1,283)

As of December 31, 2020 and 2019, the other postretirement benefit plan shown in the table above had APBOs in excess of plan assets.

Pension benefits. In 2020, investment returns were higher than assumed rates and together with updates to mortality assumptions projected generationally, improved the funded position. Actuarial losses due to demographic experience, including assumption changes, the most significant of which was the decrease in the discount rate used to measure PBO compared to the prior year, partially offset the improvement in funded position.

In 2019, investment returns were higher than assumed rates and together with updates to mortality assumptions projected generationally, improved the funded position. Actuarial losses due to demographic experience, including assumption changes, the most significant of which was the decrease in the discount rate used to measure PBO compared to the prior year, partially offset the improvement in funded position.

Other benefits. In 2020, investment returns were higher than assumed rates and together with updates to the per capita claims cost to reflect 2021 premiums, improved funded position and offset the actuarial losses due to demographic experience, including assumption changes, the most significant of which was the decrease in the discount rate used to measure APBO.

In 2019, investment returns were higher than assumed rates, which improved funded position and predominately offset the actuarial losses due to demographic experience, including assumption changes, the most significant of which was the decrease in the discount rate used to measure APBO. Updates to the per capita claims costs also contributed to a deterioration in the funded position.

The dates used to determine retirement benefit measurements for the defined benefit plans and OPEB were December 31 of 2020, 2019 and 2018.

For purposes of calculating NPPC and NPBC for all plan assets, the Company and the Utilities have determined the market-related value of retirement benefit plan assets, primarily equity securities and fixed income securities, by calculating the difference between the expected return and the actual return on the fair value of the plan assets, then amortizing the difference over future years – 0% in the first year and 25% in each of years two through five – and finally adding or subtracting the unamortized differences for the past four years from fair value. The method includes a 15% range restriction around the fair value of such assets (i.e., 85% to 115% of fair value). Effective January 1, 2021, the Company adopted a change in accounting principle for the plans’ fixed income securities from a calculated market-related value method to the fair value method in the calculation of the expected return on plan assets component of NPPC and NPBC. The remaining plan assets will continue to use the calculated market-related value methodology. The Company considers the fair value approach to be preferable for its fixed-income portfolio because it results in a current reflection of changes in the value of plan assets in a way similar to the obligations it is intended to hedge. The Company evaluated the effect of this change in accounting principle and deemed it to be immaterial to the historical and current financial statements of the Company and Hawaiian Electric and, therefore, does not plan to account for the change retrospectively and will instead record the cumulative effects from the change in accounting principle in earnings for non-Utility businesses in its 2021 financial statements. Amounts related to the Utilities will be reflected as adjustments to regulatory assets as appropriate, consistent with the expected regulatory treatment.

A primary goal of the plans is to achieve long-term asset growth sufficient to pay future benefit obligations at a reasonable level of risk. The investment policy target for defined benefit pension and OPEB plans reflects the philosophy that long-term growth can best be achieved by prudent investments in equity securities while balancing overall fund and pension liability volatility by an appropriate allocation to fixed income securities. In order to reduce the level of portfolio risk and volatility in returns, efforts have been made to diversify the plans’ investments by asset class, geographic region, market capitalization and investment style.

The asset allocation of defined benefit retirement plans to equity and fixed income securities (excluding cash) and related investment policy targets and ranges were as follows:

	Pension benefits1							Other benefits2
					Investment policy							Investment policy
December 31	2020		2019		Target		Range	2020		2019		Target		Range
Assets held by category
Equity securities	72	%	71	%	70	%	65-75	73	%	71	%	70	%	65-75
Fixed income securities	28		29		30		25-35	27		29		30		25-35
	100	%	100	%	100	%		100	%	100	%	100	%

1     Asset allocation (excluding cash) is applicable to only HEI and the Utilities. As of December 31, 2020 and 2019, nearly all of ASB’s pension assets were invested in fixed income securities.

2    Asset allocation (excluding cash) is applicable to only HEI and the Utilities. ASB does not fund its other benefits.

Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows:

	Pension benefits								Other benefits
			Fair value measurements using								Fair value measurements using
(in millions)	December 31		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		December 31		Level 1		Level 2		Level 3
2020
Equity securities	$	540	$	540	$	—	$	—	$	68	$	68	$	—	$	—
Equity index and exchange-traded funds	734		734		—		—		77		77		—		—
Equity investments at net asset value (NAV)	102		—		—		—		13		—		—		—
Total equity investments	1,376		1,274		—		—		158		145		—		—
Fixed income securities and public mutual funds	363		105		258		—		53		51		2		—
Fixed income investments at NAV	278		—		—		—		5		—		—		—
Total fixed income investments	641		105		258		—		58		51		2		—
Cash equivalents, fund and at NAV	68		25		—		—		4		3		—		—
Total	2,085		$	1,404	$	258	$	—	220		$	199	$	2	$	—
Cash, receivables and payables, net	4								—
Fair value of plan assets	$	2,089							$	220
2019
Equity securities	$	470	$	470	$	—	$	—	$	61	$	61	$	—	$	—
Equity index and exchange-traded funds	610		610		—		—		69		69		—		—
Equity investments at NAV	78		—		—		—		11		—		—		—
Total equity investments	1,158		1,080		—		—		141		130		—		—
Fixed income securities and public mutual funds	353		123		230		—		52		49		2		—
Fixed income investments at NAV	245		—		—		—		4		—		—		—
Total fixed income investments	598		123		230		—		56		49		2		—
Cash equivalents at NAV	39		—		—		—		4		—		—		—
Total	1,795		$	1,203	$	230	$	—	201		$	179	$	2	$	—
Cash, receivables and payables, net	4								—
Fair value of plan assets	$	1,799							$	201

	Pension benefits				Other benefits
Measured at net asset value	December 31		Redemption frequency	Redemption notice period	December 31		Redemption frequency	Redemption notice period
(in millions)
2020
Non U.S. equity funds (a)	$	102	Daily-Monthly	5-30 days	$	13	Daily-Monthly	5-30 days
Fixed income investments (b)	278		Monthly	15 days	5		Monthly	15 days
Cash equivalents (c)	43		Daily	0-1 day	1		Daily	0-1 day
	$	423			$	19
2019
Non U.S. equity funds (a)	$	78	Daily-Monthly	5-30 days	$	11	Daily-Monthly	5-30 days
Fixed income investments (b)	245		Monthly	15 days	4		Monthly	15 days
Cash equivalents (c)	39		Daily	0-1 day	4		Daily	0-1 day
	$	362			$	19

None of the investments presented in the tables above have unfunded commitments.

(a)     Represents investments in funds that primarily invest in non-U.S., emerging markets equities. Redemption frequency for pension benefits assets as of December 31, 2020 were: daily, 62% and monthly, 38%, and as of December 31, 2019 were daily, 60% and monthly, 40%. Redemption frequency for other benefits assets as of December 31, 2020 were: daily, 58% and monthly, 42% and as of December 31, 2019 were: daily, 59% and monthly, 41%.

(b)     Represents investments in fixed income securities invested in a US-dollar denominated fund that seeks to exceed the Barclays Capital Long Corporate A or better Index through investments in US-dollar denominated fixed income securities and commingled vehicles.

(c)     Represents investments in cash equivalent funds. This class includes funds that invest primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. For pension benefits, the fund may also invest in fixed income securities of investment grade issuers.

The fair values of the investments shown in the table above represent the Company’s best estimates of the amounts that would be received upon sale of those assets in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset at the measurement date, the fair value measurement reflects the Company’s judgments about the assumptions that market participants would use in pricing the asset. Those judgments are developed by the Company based on the best information available in the circumstances.

The fair value of investments measured at net asset value presented in the tables above are intended to permit reconciliation to the fair value of plan assets amounts.

The Company used the following valuation methodologies for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 and 2019.

Equity securities, equity index and exchange-traded funds, U.S. Treasury fixed income securities and public mutual funds (Level 1).  Equity securities, equity index and exchange-traded funds, U.S. Treasury fixed income securities and public mutual funds are valued at the closing price reported on the active market on which the individual securities or funds are traded.

Fixed income securities (Level 2).  Fixed income securities, other than those issued by the U.S. Treasury, are valued based on yields currently available on comparable securities of issuers with similar credit ratings.

The following weighted-average assumptions were used in the accounting for the plans:

	Pension benefits						Other benefits
December 31	2020		2019		2018		2020		2019		2018
Benefit obligation
Discount rate1	2.92	%	3.61	%	4.31	%	2.83	%	3.52	%	4.34	%
Rate of compensation increase	3.5		3.5		3.5		NA		NA		NA
Net periodic pension/benefit cost (years ended)
Discount rate2	3.61		4.31		3.74		3.52		4.34		3.72
Expected return on plan assets3	7.25		7.25		7.50		7.25		7.25		7.50
Rate of compensation increase4	3.5		3.5		3.5		NA		NA		NA

NA  Not applicable

1 HEI and the Utilities pension benefits discount rate only at December 31, 2020 and 2019. ASB’s pension benefits discount rate at December 31, 2020 and 2019 was 2.76% and 3.49%, respectively. All other disclosed rates apply to the Company and the Utilities.

2 ASB’s pension benefits discount rate for the year ended December 31, 2020 was 3.49%. All other disclosed rates apply to the Company and the Utilities.

3 HEI’s and Utilities’ plan assets only. For 2020, 2019 and 2018, ASB’s expected return on plan assets was 3.69%, 4.51% and 3.94%, respectively.

4 The Company and the Utilities use a graded rate of compensation increase assumption based on age. The rate provided above is an average across all future years of service for the current population.

The Company and the Utilities based their selection of an assumed discount rate for 2021 NPPC and NPBC and December 31, 2020 disclosure on a cash flow matching analysis that utilized bond information provided by Bloomberg for all non-callable, high quality bonds (generally rated Aa or better) as of December 31, 2020. In selecting the expected rate of return on plan assets for 2021 NPPC and NPBC: a) HEI and the Utilities considered economic forecasts for the types of investments held by the plans (primarily equity and fixed income investments), the Plans’ asset allocations, industry and corporate surveys and the past performance of the plans’ assets in selecting 7.25% and b) ASB considered its liability driven investment strategy in selecting 2.96%, which is consistent with the assumed discount rate as of December 31, 2020 with a 20 basis point active manager premium. For 2020, retirement benefit plans’ assets of HEI and the Utilities had a net return of 16.9%.

As of December 31, 2020, the assumed health care trend rates for 2021 and future years were as follows: medical, 6.75%, grading down to 5% for 2028 and thereafter; dental, 5%; and vision, 4%. As of December 31, 2019, the assumed health care trend rates for 2020 and future years were as follows: medical, 7%, grading down to 5% for 2028 and thereafter; dental, 5%; and vision, 4%.

The components of NPPC and NPBC were as follows:

	Pension benefits						Other benefits
(in thousands)	2020		2019		2018		2020		2019		2018
HEI consolidated
Service cost	$	73,387	$	62,135	$	68,987	$	2,537	$	2,209	$	2,721
Interest cost	81,335		84,267		77,374		7,407		8,004		7,933
Expected return on plan assets	(113,800)		(111,989)		(108,953)		(12,124)		(12,356)		(12,908)
Amortization of net prior service gain	8		(42)		(42)		(1,761)		(1,806)		(1,805)
Amortization of net actuarial losses	33,456		15,479		30,084		208		(13)		95
Net periodic pension/benefit cost	74,386		49,850		67,450		(3,733)		(3,962)		(3,964)
Impact of PUC D&Os	20,997		48,143		25,828		3,179		3,258		3,842
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	95,383	$	97,993	$	93,278	$	(554)	$	(704)	$	(122)
Hawaiian Electric consolidated
Service cost	$	71,604	$	60,461	$	67,359	$	2,515	$	2,191	$	2,704
Interest cost	75,484		77,851		71,294		7,103		7,673		7,628
Expected return on plan assets	(107,369)		(104,632)		(102,368)		(11,957)		(12,180)		(12,713)
Amortization of net prior service (gain) cost	9		7		8		(1,758)		(1,803)		(1,803)
Amortization of net actuarial losses	30,566		14,658		27,302		207		—		98
Net periodic pension/benefit cost	70,294		48,345		63,595		(3,890)		(4,119)		(4,086)
Impact of PUC D&Os	20,997		48,143		25,828		3,179		3,258		3,842
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	91,291	$	96,488	$	89,423	$	(711)	$	(861)	$	(244)

The Company recorded pension expense of $59 million in each of 2020, 2019 and 2018 and OPEB expense of $(0.1) million, $(0.1) million and nil in 2020, 2019 and 2018, respectively, and charged the remaining amounts primarily to electric utility plant. The Utilities recorded pension expense of $55 million, $57 million and $55 million and OPEB (income) expense of $(0.2) million, $(0.3) million and $(0.1) million in 2020, 2019 and 2018, respectively, and charged the remaining amounts primarily to electric utility plant.

Additional information on the defined benefit pension plans’ accumulated benefit obligations (ABOs), which do not consider projected pay increases (unlike the PBOs shown in the table above), and pension plans with ABOs and PBOs in excess of plan assets were as follows:

	HEI consolidated				Hawaiian Electric consolidated
December 31	2020		2019		2020		2019
(in billions)
Defined benefit plans - ABOs	$	2.3	$	2.0	$	2.1	$	1.8
Defined benefit plans with ABO in excess of plan assets
ABOs	2.1		1.9		2.1		1.8
Fair value of plan assets	2.0		1.7		1.9		1.6
Defined benefit plans with PBOs in excess of plan assets
PBOs	2.5		2.2		2.4		2.1
Fair value of plan assets	2.0		1.7		1.9		1.6

HEI consolidated. The Company estimates that the cash funding for the qualified defined benefit pension plans in 2021 will be $52 million, which should fully satisfy the minimum required contributions to those plans, including requirements of the Utilities’ pension tracking mechanisms and the Plan’s funding policy. The Company’s current estimate of contributions to its other postretirement benefit plans in 2021 is nil.

As of December 31, 2020, the benefits expected to be paid under all retirement benefit plans in 2021, 2022, 2023, 2024, 2025 and 2026 through 2030 amount to $96 million, $99 million, $103 million, $107 million, $110 million and $610 million, respectively.

Hawaiian Electric consolidated. The Utilities estimate that the cash funding for the qualified defined benefit pension plan in 2021 will be $51 million, which should fully satisfy the minimum required contributions to that Plan, including requirements of the pension tracking mechanisms and the Plan’s funding policy. The Utilities’ current estimate of contributions to its other postretirement benefit plans in 2021 is nil.

As of December 31, 2020, the benefits expected to be paid under all retirement benefit plans in 2021, 2022, 2023, 2024, 2025 and 2026 through 2030 amounted to $88 million, $91 million, $93 million, $97 million, $101 million and $559 million, respectively.

Defined contribution plans information.  For each of 2020, 2019 and 2018, the Company’s expenses and cash contributions for its defined contribution plans under the HEIRSP and the ASB 401(k) Plan were $7 million. The Utilities’ expenses and cash contributions for its defined contribution plan under the HEIRSP for 2020, 2019 and 2018 were $3 million, $3 million and $2 million, respectively.