CONCORD, N.H. (AP) — Last year, Republican lawmakers shifted more of New Hampshire's public pension costs onto workers to ease employers' expenses. Now, they're proposing a parallel plan for new employees that lacks a guaranteed lifetime benefit.
State Sen. Fenton Groen, a Rochester Republican, is sponsoring legislation to create a mandatory defined contribution plan for public employees hired starting Nov. 1. Such plans are relatively rare in state governments, though more states are looking at them as a way to shift the financial risks of traditional defined benefit plans from employers to employees.
Under Groen's proposal, employees and their employers would have to contribute to a system similar to a 401(k) where their money is invested and their retirement payment depends on their total investments when they retire.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
