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CORRECTION Saturday, Dec. 13, 2003 >> Kamehameha Schools teacher James Kale Kuakahi Chun was named a semifinalist in the Western region of the Nasdaq National Teaching Awards Competition. His last name was omitted in an item on Page C1 Thursday. The Honolulu Star-Bulletin strives to make its news report fair and accurate. If you have a question or comment about news coverage, call Editor Frank Bridgewater at 529-4791 or email him at fbridgewater@starbulletin.com.

Kamehameha teachers honored

Two Kamehameha Schools teachers were recently named winners in the Western region of the Nasdaq National Teaching Awards Competition.

Dee Ray Mecham Jr. was named one of five regional winners in the competition. Mecham will be awarded $10,000 in April during a gala held at the Pierre Hotel in New York. Mecham will compete against other regional winners to be named the national winner and awarded another $15,000.

James Kale Kuakahi was named a semifinalist in the competition and will receive a $1,000 award.

The competition awards high school teachers for furthering students' understanding of financial markets, the capital formation process, principles of investing, personal finance, entrepreneurship and market economics.

HEI forecasts lower benefit costs

Hawaiian Electric Industries Inc. has released new retirement benefit plan information which forecasts a much better financial picture than contained in its third-quarter disclosure.

The company's new projections show its retirement benefit expenses could fall between $8 to $14 million in 2004. Estimates released in the company's third quarter were as high as $10 million to $17 million, said Suzy Hollinger, Hawaiian Electric spokeswoman.

"There is a major difference in the projections," Hollinger said. "They show we had better returns and it makes our picture a little better."

Due to the sharp decline in U.S. equity markets, the market value of the company's retirement benefit plan has decreased significantly. The company's retirement benefit expenses offset higher sales in the second and third quarter financial results.

Online license renewal date nears

Professional and vocational licenses can be renewed online through the state Internet portal at www.ehawaiigov.org. The service is for professionals who renew their licenses every two years. For the first time, those renewing don't need to use a credit card. Instead, they may set up direct payment from their check account.

During the last cycle in 2001, more than 3,000 professional license holders, or about 20 percent of the total eligible, renewed online. Instructions for the online renewals have been mailed to each registered license holder. For a complete list of licenses that must be renewed this cycle, go to www.ehawaiigov.org/pvlrenew.

Most renewals are accepted until midnight on Dec. 31. After that, renewals must be submitted by mail or in person to the state Department of Commerce & Consumer Affairs. Physicians, emergency medical technicians and podiatrists have until Jan. 31 to complete the renewal.