Nh Retirement System

Pension reform revived after Gov. Lynch's veto

CONCORD — When lawmakers at the Statehouse today consider the two main bills for the 2011-2013 biennium budget, they may have a feeling of d�j� vu — especially when they see that the retirement system reform measure they passed on June 8 has been reinserted in the larger budget bill.

When the New Hampshire House and Senate passed the second major public employee retirement system reform legislation in four years, Republican leaders hailed the measure as long overdue and necessary.

"For years, it has been apparent that New Hampshire should address the major problems within our current retirement system, including the large and growing unfunded liability of over $3.5 billion. This legislation significantly reforms the state employee retirement system to strengthen it financially for the future," House Speaker William O'Brien said on June 8.

A week later, when Gov. John Lynch vetoed the bill, saying it was essentially an unfinished work of legislation given new developments, House leadership fired back by accusing Lynch of being beholden to state employee unions who opposed the measure.

"While we can all agree that this legislation wasn't perfect, there was broad and diverse support for these reforms," said House Majority Leader D.J. Bettencourt of Salem. "The Legislature took a fair step toward addressing the more than $4 billion unfunded liability facing the New Hampshire Retirement System but with the stroke of a pen, Governor Lynch has seriously jeopardized the future of that system."

Lynch spokesman Colin Manning said while the governor agreed with much of the intent of the legislation to close the estimated $3.7 billion of unfunded liability, there were too many moving parts. He cited late legislative action that would prevent the retirement system board from acting on revised investment return projections they publicly announced last week.

"I think the governor was very clear in his veto message," Manning said. "The Legislature wasn't done working on it."

The measure that lawmakers will consider again would require current and future firefighters, police and state and municipal workers to pay more into the system starting July 1. The goal of supporters such as Sen. Jeb Bradley, R-Wolfeboro, is the increased share of employee pension payments and other proposed changes to allow the state to get out of paying into the system and to forestall major rate hikes on towns and cities to make up the difference.

Pension reform revived after Gov. Lynch's veto | SeacoastOnline.com

CONCORD — When lawmakers at the Statehouse today consider the two main bills for the 2011-2013 biennium budget, they may have a feeling of d�j� vu — especially when they see that the retirement system reform measure they passed on June 8 has been reinserted in the larger budget bill.

When the New Hampshire House and Senate passed the second major public employee retirement system reform legislation in four years, Republican leaders hailed the measure as long overdue and necessary.

"For years, it has been apparent that New Hampshire should address the major problems within our current retirement system, including the large and growing unfunded liability of over $3.5 billion. This legislation significantly reforms the state employee retirement system to strengthen it financially for the future," House Speaker William O'Brien said on June 8.

A week later, when Gov. John Lynch vetoed the bill, saying it was essentially an unfinished work of legislation given new developments, House leadership fired back by accusing Lynch of being beholden to state employee unions who opposed the measure.

"While we can all agree that this legislation wasn't perfect, there was broad and diverse support for these reforms," said House Majority Leader D.J. Bettencourt of Salem. "The Legislature took a fair step toward addressing the more than $4 billion unfunded liability facing the New Hampshire Retirement System but with the stroke of a pen, Governor Lynch has seriously jeopardized the future of that system."

Lynch spokesman Colin Manning said while the governor agreed with much of the intent of the legislation to close the estimated $3.7 billion of unfunded liability, there were too many moving parts. He cited late legislative action that would prevent the retirement system board from acting on revised investment return projections they publicly announced last week.

"I think the governor was very clear in his veto message," Manning said. "The Legislature wasn't done working on it."

The measure that lawmakers will consider again would require current and future firefighters, police and state and municipal workers to pay more into the system starting July 1. The goal of supporters such as Sen. Jeb Bradley, R-Wolfeboro, is the increased share of employee pension payments and other proposed changes to allow the state to get out of paying into the system and to forestall major rate hikes on towns and cities to make up the difference.

The New Hampshire state constitution, a reference guide

A user's guide for the N.H. retirement system

State and local pension fund management

N.H. Retirement System report to the Legislature

Survey of 1997 state legislation affecting teacher and educational support personnel retirement