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Letter to the Editor Sent to :
NH Retirement System
Dear Editor: I've followed your reports on the legislative fixes for the NH Retirement System and once again the Employees and Teachers bite the bullet. In 1986, the employee and teacher contributions were raised from 4.6 to 5% to pay their portion of the costs of eliminating the Social Security offset. This was effective immediately. The employers' (the State included) portion would show up in the 1990-91 contributions. Note that this benefit was required by the new ERISA legislation, so the employers would have had to implement anyway and shouldered the entire cost - but the employees had to pay anyway! In 1990, when the employer's were to pay the piper, legislation was enacted to change the method of financing and to contribute 1/2 of the return on investment above the assumed interest rate to the general account ( from the Special Account) to soften the blow of the employer contributions and to literally cut the contribution rates in half! Recently, this finagling to reduce the employer's cost was found to be the primary cause of the retirement system's current funding ration problems and, as usual, the fix-it is on the shoulders of the employees and teachers and the bill for the employers has been cut in half. It's time to stand up, employers, and pay what you owe. If this were my credit card company, they would not continually make excuses for my non-payments.
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