NH House Leadership on Passage of SB 3 (retirement system reform)

CONCORD – The House today voted 238 to 121to pass SB 3, which would make a number of reforms to the current state retirement system. Among them, it would increase the retirement ages of group II members for service retirement, disability retirement, vested deferred retirement, and split benefits. House leaders released the following statements:

 “The need for reform to the retirement system is essential. For years it has been apparent that New Hampshire should address the major problems within our current retirement system including the large and growing unfunded liability of over $3.5 billion. An unfunded retirement system is a ticking time bomb for the taxpayers of the state – that’s an unfair burden on our working families and it just can’t be ignored any longer. This is a responsible step forward to ensure that the retirement system works for retirees, employees, future employees, and the people of New Hampshire,” said House Speaker William O’Brien.

 “This is yet another important step in backing our retirement system away from the current multi-billion dollar unfunded liability. As we progress, we will continue to do so in a careful, open, and respectful manner with regard to our municipal and state employees, retirees, and municipalities. Undoubtedly negotiations will continue in Committee of Conference and we are committed to working with our colleagues in the Senate to address the problems in the system and enact meaningful and lasting reforms,” said House Majority Leader D.J. Bettencourt.