HEI Exhibit 99.1
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AMENDMENT 1998-1
TO THE
HAWAIIAN ELECTRIC INDUSTRIES RETIREMENT SAVINGS PLAN
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In accordance with Section 10.1 of the Hawaiian Electric Industries
Retirement Savings Plan (the "Plan"), the Hawaiian Electric Industries, Inc.
Pension Investment Committee hereby amends the Plan as follows:
1. Section 1.7 is deleted in its entirety and is replaced by a new Section
1.7 to read as follows:
"1.7 Compensation means all straight-time pay and commissions paid or
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accrued during the Plan Year for services rendered to a Participating
Employer. Compensation shall include elective contributions made by a
Participating Employer to this Plan or to a cafeteria plan that are
excluded from the taxable income of the Employee under Sections
402(e)(3) or 125 of the Code. Compensation shall not include overtime
or premium pay, discretionary bonuses, reimbursements or other expense
allowances, fringe benefits, deferred compensation, welfare benefits,
or contributions (except for elective contributions) by a
Participating Employer to this Plan or any other employee benefit
plan. Compensation earned prior to an Eligible Employee becoming a
Participant shall not be counted in determining contributions to the
Plan. Compensation shall be limited to $160,000 annually, as adjusted
for increases in the cost of living in accordance with Sections
401(a)(17)(B) and 415(d) of the Code.
Effective January 1, 1999, 'Compensation' means the Employee's Box 1,
W-2 earnings for the year, modified (i) to exclude discretionary
bonuses, fringe benefits, reimbursements, moving expenses and other
expense allowances, and special executive compensation; and (ii) to
include elective contributions made by a Participating Employer to
this Plan or to a cafeteria plan that are excluded from the taxable
income of the Employee under Sections 402(e)(3) or 125 of the Code.
Special executive compensation is noncash compensation and
nonqualified deferred compensation available only to a select group of
management Employees. Compensation earned prior to an Eligible
Employee becoming a Participant shall not be counted in determining
contributions to the Plan. Compensation shall be limited to $160,000
annually, as adjusted for increases in the cost of living in
accordance with Sections 401(a)(17)(B) and 415(d) of the Code.
'ADP Compensation' means the Employee's Box 1, W-2 earnings for the
year, without modification. ADP Compensation shall be limited to
$160,000 annually, as adjusted for increases in the cost of living in
accordance with Sections 401(a)(17)(B) and 415(d) of the Code.
'415 Compensation' means the Employee's Box 1, W-2 earnings for the
year, modified to include elective contributions made by a
Participating Employer to this Plan or to a cafeteria plan that are
excluded from the taxable income of the Employee under Sections
402(e)(3) or 125 of the Code."
2. Section 4.1(b)(6) is deleted in its entirety and is replaced by a new
Section 4.1(b)(6) to read as follows:
"(6) For purposes of this Section 4.1, 'compensation' shall mean ADP
Compensation."
3. Section 4.5(d)(2) is deleted in its entirety and is replaced by a new
Section 4.5(d)(2) to read as follows:
"(2) The term 'compensation' shall mean 415 Compensation."
Except as otherwise provided, the foregoing amendments shall be effective
January 1, 1998.
TO RECORD the adoption of these amendments to the Plan, the Hawaiian
Electric Industries, Inc. Pension Investment Committee has caused this document
to be executed this 14th day of December, 1998.
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HAWAIIAN ELECTRIC INDUSTRIES, INC.
PENSION INVESTMENT COMMITTEE
By /s/ Constance H. Lau
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Its member and Secretary
By /s/ Peter C. Lewis
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Its member
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