Professional Fire Fighters of NH
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  • May 30 Update
    Updated On: Jun 09, 2017
    May 30, 2007
    Legislative Update
    Thursday, May 24th the full Senate voted unanimously for the passage of HB 653 as amended and HB 876 as amended.
    HB 653
    *Granted the Local Government Center a seat on the New Hampshire Retirement System Board of Trustees, increasing the board from 13 to 14 voting members.
    *Changed the funding method from Open Aggregate to Entry Age Normal
    *Amortizes the retirement system unfunded liability over 30 years
    *Granted retirees a one time Cost of Living Adjustment (COLA) of 2.5% for 2007
    *Changes the way money flows into the Special Account
    The Special Account previously received money if the five year smoothed average was greater than .5% over the assumed rate of return. Upon the Governor’s signature of this bill, the Special Account will not receive any money until the five year smoothed average is over 10.5% AND the entire New Hampshire Retirement System is 85% funded. 
    Considering the present assumption rate of 8.5%, the Special Account effectively loses 1.5% of the investment returns by changing from the .5% trigger to 10.5%.
    By changing the trigger rate for money flowing into the Special Account, a group of retired employees and The Local Government Center succeeded in preventing $26 million from entering the Special Account this year.  It is estimated that an additional $26 million would have been credited to the Special Account next year. 
    The PFFNH is concerned about the following
    *The $52 million in the Special Account over these two years would have purchased a great deal more than a one time 2.5% COLA 
    *A stable pension system
    *A strong and regular COLA
    Next Steps
    Since the House made an amendment and then the Senate made a further amendment to HB 653, the two bodies have the opportunity to Concur or Non Concur. If they non concur, select members from the House and Senate will meet for a Committee of Conference. The Committee of Conference will reach for consensus and if that is found the bill will move on for the Governor’s signature. 
    HB 876
    *Establishes as study commission to make recommendations to ensure the long term viability of the retirement system
    *Commission has representation by the PFFNH

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