Republicans have been trying to pass legislation transitioning new employees to a defined contribution retirement plan, in order to reduce the cost of the state’s retirement system. However, a report commissioned by the House subcommittee on the subject suggests the Republicans’ plan needs revision. “Total pension funding costs will rise as the State implements the [...]
Last week the House and Senate failed to agree even to create a commission to make recommendations regarding pension reform. As I set out to write this piece, I found the different plans and their costs and benefits pretty confusing. Before I could get myth-busting, I needed to learn the basics. I thought I’d lay [...]
Last week, a State Senate bill that initially sought to replace New Hampshire’s defined benefit (DB for short — think pension) plan with a defined contribution plan (DC for short — think 401(k)) dissolved into a stalemate. The Senate and House were not even able to form a commission to make recommendations addressing the state’s $4.2 billion in unfunded [...]
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