skip to main content
skip to newscasts

Thursday, November 30, 2023

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

As climate change conference opens, one CA city takes action; More hostages released as Israel-Hamas truce deadline approaches; WV could lose hundreds of millions in Medicaid funding.

view newscast page
play newscast audioPlay

An expulsion vote looms for Rep. George Santos, the Ohio Supreme Court dismisses lawsuits against district maps and the Supreme Court hears a case which could cut the power of federal agencies.

view newscast page
play newscast audioPlay

Congress has iced the Farm Bill, but farmer advocates argue some portions are urgent, the Hoosier State is reaping big rewards from wind and solar, and opponents react to a road through Alaska's Brooks Range, long a dream destination for hunters and anglers.

Solutions to Rising Retirement Costs Could Involve Public Employees, Retirees

play audio
Play

Thursday, March 25, 2021   

CONCORD, N.H. -- Cities and towns are struggling to keep up with increases in the amounts they're tasked with contributing to the state retirement system, and advocates for pensions argue retirees need a seat at the table.

After decades of underfunding, New Hampshire passed a law in 2018 to require the New Hampshire Retirement system to fully pay back its debt, what's called "unfunded liability," which is now roughly $6 billion, within 20 years.

Brian Ryll, president of the Professional Fire Fighters of New Hampshire, pointed out municipalities may need to increase property taxes to help bring down that debt.

"You look at what the taxpayers had to endure financially because of the global pandemic, downshifting additional costs based on an increase in employer rates is only going to hurt them worse," Ryll contended.

Currently, more than 80% of employer contributions go straight to the unfunded liability rather than into benefits for current retirees. When the debt is paid off, cities, towns and school districts will all be able to provide retirement benefits at just 18% of what they're paying now.

Part of what led to the underfunding were lower-than-expected returns on investments by the Independent Investment Committee, charged with growing the retirement system's funds.

Ryll noted the committee does not have any retired voting members, and the Retirement System Board of Trustees in 2011 reduced employee representation by half.

"When you look at benefits and benefit decisions and investments and investment allocations, it's extremely important to have somebody who has a vested interest in this be a part of the decision-making process," Ryll asserted.

Research has shown when retirement systems are managed by those who rely on their benefits, they often report higher returns.

Ryll confirmed he's seen that with the Professional Fire Fighters of New Hampshire's own retirement plan, which he claimed has higher returns because it's managed by firefighters for firefighters.


get more stories like this via email

more stories
The Economic Policy Institute found the number of child labor law violations increased from 1,012 in 2015 to 3,876 in 2022. (Adobe Stock)

Social Issues

play sound

A bill in Congress with a Connecticut House sponsor aims to reduce child labor in the United States. Called the "Children Harmed in Life-Threatening …


Social Issues

play sound

As the opioid crisis continues, more New Hampshire grandparents are seeking financial help to raise their grandchildren. Already struggling with the …

Environment

play sound

Some state and local lawmakers are on a long list calling on New York Gov. Kathy Hochul to require big oil companies to help offset the costs of …


Health and Wellness

play sound

November has been Diabetes Awareness Month - but heading into the holidays, people who are diabetic know they can't lose their focus on keeping it in …

Wolverine need deep snow for their habitats, but experts say snow levels are dwindling due to climate change. (jamenpercy/Adobe Stock)

Environment

play sound

Conservation groups are celebrating a long-fought battle to protect the dwindling population of wolverine in the Northwest and northern Rockies…

Environment

play sound

As world leaders gather in Dubai for the international conference on climate change, the City of Long Beach is acting on multiple fronts to help the …

Environment

play sound

A new report is calling for greater accountability in the system providing funding to farmers in underserved communities. The research takes a dive …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021