For Immediate Release: August 31, 2023
Contact: Marty Karlon, Director of Communications & Legislative Affairs, (603) 410-3594; email@example.com
CONCORD, NH – A statutory commission created by 2023 legislation began meeting in August to study the impact New Hampshire Retirement System (NHRS, the retirement system) benefits have on the retention and recruitment of public employees.
The Retirement Benefits Commission, which was created in House Bill 2 (Chapter 79, Laws of 2023), consists of 15 members, including legislators, active members, and participating employers. The commission is chaired by Rep. Carol McGuire, chair of the House Executive Departments and Administration Committee. All meetings are open to the public.
A web page listing commission members and scheduled meetings is available on the New Hampshire General Court website at: https://www.gencourt.state.nh.us/statstudcomm/details.aspx?id=1642%20&rbl=1&txtyear=2023
The Commission is charged with examining issues surrounding retirement benefits, including:
(a) The impact retirement benefits have on the retention of employees and the ability to attract new employees.
(b) Whether changes to the current benefit structure are warranted, including the cost and funding source of any proposed change.
(c) The report of the 2017 Decennial Retirement Commission.
(d) Analyzing the financial status of the retirement system and performing a risk assessment to the system.
(e) Whether cost of living adjustments (COLAs) or stipend are appropriate and could be funded through employer and employee contributions.
(f) Making recommendations ensuring the long-term viability of the NHRS.
(g) Considering the effect that policy changes have on the state and political subdivisions.
(h) Consideration of a state employer match toward state employee contributions under the state of New Hampshire public employees deferred compensation plan.
The commission must report its findings and any recommendations for proposed legislation to the president of the Senate, the speaker of the House of Representatives, the Senate clerk, the House clerk, the Governor, and the state library on or before December 1, 2023.
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and more than local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,500 active members and 42,500 benefit recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
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