Press Releases

 

Entries in Defined Contribution Plan (4)

Thursday
Nov152012

NH House Pension Reform Committee Releases Report on Defined Contribution Model for State Employees

CONCORD – The Special House Committee on Defined Contribution Retirement Plans for Public Employees today released the committee’s final report.  The report recommends that the state move away from a defined benefit retirement system (pension) towards a defined contribution system, similar to a 401(k) arrangement favored by the private sector.  The proposal would be mandatory for new state employees, and would be voluntary for contributing local and county employees, who could opt into a defined contribution system and away from the defined benefit model.

The report, which used an independent actuarial analysis, finds that moving to defined contribution system would incrementally increase the retirement system’s unfunded liability over the short term, and dramatically reduce the liability over the long term.

House Speaker William O’Brien

“The Committee did an outstanding job of doing a comprehensive review of our retirement system and considering change that will strengthen the program for future generations of taxpayers and employees.  While I suspect it is unlikely that the incoming Legislature will be able to move forward on a major change to shore up our retirement system, this report represents a roadmap that can be used in the future to resolve the looming pension crisis at the state level.”

Rep. Greg Hill, Special House Committee on Defined Contribution Retirement Plans for Public Employees

“Our committee put a tremendous amount of effort into the process of researching existing options and the methods employed in other states to solve the looming struggle with insolvency of our retirement system.  Our goal was to design a durable solution to protect taxpayers from the potential unfunded liabilities of billions of dollars while ensuring that, above all, we treat our valued public employees fairly. Throughout, this was an open process that invited all stakeholders to the table to search for answers and a consensus for a system that clearly must work for years to come.  It’s clear that if we were setting up a retirement system from scratch today, there would be no question that we would establish a defined contribution plan as a great many employers and employees, both public and private, across the state and the nation currently enjoy. Now, it’s time for the State of New Hampshire to use the best practices of these established plan designs to help us get to a solvent retirement program for the tens of thousands of state, county and local employees and this report, we believe, provides a clear roadmap to the future.”

 

 

 

Saturday
Aug182012

NH House Committee on Defined Contribution Requests Information to Aid in Crafting Legislation 

CONCORD – The Special House Committee on Defined Contribution Retirement Plans for Public Employees today released a Request for Information (RFI) to several financial services companies regarding services for a proposed plan, which will be introduced as legislation in the 2013 Session. Chairman of the Committee Will Smith made the following comments on the RFI.

Chairman Will Smith

“We are focused on meeting our obligations to retirees while also bringing long-term solvency to the system.  Bringing public employee retirement plans in line with those of the private sector is both fair to our public employees, who deserve a sustainable system, and our taxpayers. Most of the nation’s large employers and an increasing number of state and local governments are introducing 401(k)-like defined contribution plans for their employees' retirement. Such plans allow employees to own the assets formed for their retirement, but also move investment risks from the shareholder/taxpayer to the employee.”

Friday
Mar022012

Shea-Porter statement on NH HCR 39-Urging Congress to privatize Social Security

New Hampshire- Today, Former Congresswoman Carol Shea-Porter released the following statement on HCR 39, a New Hampshire House Resolution which urges Congress to privatize Social Security.
 
"Representative Frank Guinta has sent out mailer after mailer claiming he is protecting Social Security. Now, as the New Hampshire House is looking towards a vote on a resolution asking the U.S. Congress to privatize Social Security, Rep. Guinta needs to denounce this Republican resolution that has already cleared the State-Federal Relations and Veterans Affairs Committee."
 

Thursday
Mar012012

NHDP - House Republicans Ask Congress To Privatize Social Security

Concord, NH - Once again, Bill O'Brien's radical Tea Party friends in Concord seem to believe that they have the answer to everything. Now they have decided they know how to fix social security. All that needs to been done is to privatize it. All of it. No exceptions.

 

Last Tuesday the State-Federal Relations and Veterans Affairs Committee voted 8-6 to pass HCR 39, a resolution which urges congress to privatize social security. The Resolution is expected to be voted on by the full House next week.

 

"Not content with asking Congress to withdraw from the United Nations, the House Republican Caucus would now like to see Congress 'privatize all aspects of social security,'" said New Hampshire Democratic Party Chair ray Buckley.

 

Neither Mitt Romney, Newt Gingrich, nor Rick Santorum's plans involve privatization of ALL aspects of Social Security. Even Ron Paul, when he talks about privatization is sure to provide a number of caveats. Bill O'Brien and his House Republican Caucus are so out of touch with mainstream Granite State values that they have managed to put themselves to the right of the entire Republican Presidential field.

 

"One only needs to look back at the final years of the Bush Administration to know that private investing has no guaranteed return. Markets rise and fall for a myriad of reasons," said Buckley. "Yet now, the dangerous Republican House wants to take the security out of social security by putting everyone, young or old, in charge of managing their own retirement accounts, with nary a safety net in sight."

 

Social Security reform is a nuanced and complicated issue that is sure to be well debated between now and November. Yet the House Republicans continue to prove their recklessness by believing that they can fix everything with just seven sentences.