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May 30 Update
Updated On: Jun 09, 2017
May 30, 2007
Thursday, May 24th the full Senate voted unanimously for the passage of HB 653 as amended and HB 876 as amended.
*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
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.
*Establishes as study commission to make recommendations to ensure the long term viability of the retirement system