Haw. Code R. § 6-28-13
For purposes of adjusting any limitation under subparagraph (C) of section 415(b)(2) of the Code and for purposes of adjusting any benefit under subparagraph (B) of section 415(b)(2) of the Code other than a benefit that would be subject to section 417(e)(3) of the Code if section 417(e)(3) applied to governmental plans, the interest rate assumption shall not be less than the greater of 5% or the rate specified by the board for determining actuarial equivalence in accordance with section 88-90.5, Hawaii Revised Statutes. For purposes of adjusting any benefit under subparagraph (B) of section 415(b)(2) of the Code with an annuity starting date on or after January 1, 2009, that would be subject to section 417(e)(3) of the Code if section 417(e)(3) applied to governmental plans, the interest rate assumption shall not be less than the greatest of (i) 5.5%; (ii) the "applicable interest rate," as defined in section 417(e)(3) of the Code, divided by 1.05; and (iii) the rate specified by the board for determining actuarial equivalence in accordance with section 88-90.5, Hawaii Revised Statutes. For purposes of adjusting any limitation under subparagraph (D) of section 415(b)(2) of the Code, the interest rate assumption shall not be greater than the lesser of 5% or the rate specified by the board for determining actuarial equivalence in accordance with section 88 90.5, Hawaii Revised Statutes."
Haw. Code R. § 6-28-13