HB 1460, establishing a committee to study additional public employee pension reforms. MAJORITY: OUGHT TO PASS WITH AMENDMENT. MINORITY: INEXPEDIENT TO LEGISLATE.
Rep. Kenneth Hawkins for the Majority of Special Committee on Public Employee Pensions Reform: This bill was to establish a study committee for the New Hampshire Retirement System. The amendment replaces the bill with the establishment of a defined contribution system for all new employees hired after November 1, 2012. This is one of the platform positions - the reform of the pension system to help alleviate the uncertainty to the local taxpayers of New Hampshire for funding a plan that is only 67% funded. This bill now says that for future years the local taxpayer will know what the cost is no matter what the stock market fluctuations are. Vote 11-4.
Rep. Stephen J Shurtleff for the Minority of Special Committee on Public Employee Pensions Reform: This bill as amended is a seriously flawed bill that will cost the state, cities and municipalities hundreds of millions of dollars in the next biennium and many hundreds of millions in future state and local budgets. The amendment raises many unanswered questions and if there was ever a bill not ready for prime time, this is it. Other than the sponsor, there was no other testimony in favor. The municipal association spoke in opposition to the amendment because of the immediate increases to every public employer in the state. Even the Representatives on the committee who supported the amendment agreed this was a deeply flawed bill. The minority agrees that the amendment is bad and believes the House should never pass a bill knowing it is bad. We should never knowingly pass a bill expecting for another body to fix our mistakes.
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