CONCORD, N.H. (AP) — New Hampshire's House has voted to create a new public pension system for employees.
The House voted 197-104 Thursday against studying the idea and instead implementing a plan for public employees hired after Nov 1. The bill goes to the Senate which voted Wednesday to create a commission to study a defined contribution pension plan for public employees.
Opponents said the plan would cost property taxpayers millions of dollars, but supporters said problems would be fixed before a final bill was brought back at the end of the legislative session.
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Unlike the current pension system that usually provides a guaranteed amount based on years of service, the proposed plan would have operated like a 401(k) by investing employer and employee contributions. The payout would be variable.
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