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Medicare Interactive

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New Hampshire Retirement Security Coalition

The New Hampshire Retirement Security Coalition is composed of many stake holders from across the state that represents 70,000 members in the retirement system with the goal of building a strong advocacy group with will work to secure and protect our retirement benefits.

Click here to read, Coalition commends House and Senate for work on retirement bill, June 3, 2008

Click here to read "Send Senate version of HB 1645 to Governor, Lay SB 463 to Rest." May 19, 2008

Click here to read "New Hampshire House Fails to Honor Promises to Public Employees." May 14, 2008

Click here to read "Key Messages in opposition to Senate Bill 463" which the house amended.

Click here to read the letter that was sent to our State Senators on amending HB 1645 on May 8, 2008.

Click here to read the letter that was sent to the State Senators about HB 1645--April 16, 2008

Click here to read "Retired Manchester and Hampton Firefighters to Testify at Senate Hearing today---Coalition of 70K Public Employees asks Senate Committee to Reject House Bill 1645"--April 16, 2008

Click here to read talking points against House Bill 1645

Click here to read the letter that was sent to Governor Lynch on House Bill 1645.

Click here to read " Coalition of 70K Employees Rejects House Bill 1645"

Click here to read "Coalition of 70K Employees Forms to Protect Retirement Security".

__________________________________________________________

AFT-NH

Retirement Update

June 9, 2008

Both the House and Senate compromised, signed, and passed HB 1645. Below is a short summary of the final bill.

The final step for this bill is for Governor Lynch to sign it.

Change in Retirement Age, There will be no change in Group II years of service.

Composition of Board of Trustees, There is no change to the existing board. However, several financial experts will be added to a subcommittee on investments, as the Senate had wanted. Employee representation will not change, nor will the number of board members. The chairperson of the system will be a voting member.

Retiree COLA's , There will be a 1.5% terminally funded COLA. This will be added to a retiree’s base annuity. These COLAs will be paid on the first $30,000 of a pensioner’s annuity. There will be an additional $1,000 payment to retirees whose annuity is less than $20,000. There will be an additional $500 paid to those retirees who retired prior to 1993. The COLAs require about $50M of funding.

Medical Subsidy Allowances, Medical subsidies are frozen at the current level for the next 4 years. In 2012, there will be a 4% increase each year in medical subsidy payments. There will also be an additional payment to retirees who have worked for 15 years and participated in the NHRS of $500 for single pensioners and $1,000 for married pensioners (if you receive this benefit).

Allow keeping money in the system for non-vested members who terminate employment will earn 2% less than either the assumed rate of return or the actual rate of return, which ever is lower, but not less than 0%.

$250 million transfer from the Special account into the pension fund to pay for the medical subsidy.

Employer medical rates-- 25% employer rate will the lesser of the two, moving to the solvency amount.

Higher fiduciary duty language was added to apply to trustees and investment committee members.

Creation of a COLA and a health subsidy commission; each of these commissions will need to file a report with recommendations for any changes by December 2008.

If hired after July 2009, the maximum pension income will be $120,000 when retiring.

Regan amendment language, this applies to 125% of the following: When retiring, if the pension amount is over 125% of the average final compensation (over the highest three years) then the city or town will be billed separately to cover the cost of these items.

We have a much stronger voice when we are working together so it is very important to talk to you colleagues and encourage them to sign up for the “AFT-NH GET-ACTIVE” program at www.aft-nh.org. This way, everyone will receive updates on the retirement legislation and other important bills and be prepared to take action when needed.

Together WE can make positive change for our members!

In Solidarity,

Laura Hainey

AFT-NH President