Is the NH Legislature really interested in improving the financial stability of the NH retirement System?
Updated On: Apr 11, 2012
The trustees of the NH Retirement System were advised by their actuaries on the proper rates for re-certification but anything under the present 8.5% would require additional monies to be paid from the cities/towns. The Board, by an 8-6 vote, acted properly, but the legislature just didn't like it. So what did they do? They changed the law, now keeping the rate at an absurd 8.5% and bypassed good accounting procedures. They also changed the composition of the Board effective 7/1 as a punishment instead of the gradual transfer.