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Wednesday, November 11, 2009

Retiree hike hits with thud

Tom Fahey reports in the Union Leader on the cost of shoring up municipal pension programs.
Towns, cities, school districts and the state itself could see pension costs for police, teachers and other public workers increase by an average of nearly 23 percent July 1, 2011.

Consultants for the New Hampshire Retirement System yesterday recommended the rate hike. The steep increase stems from a combination of investment losses -- 18 percent for the year that ended June 30 -- and the need to catch up with a long-term funding problem that began building nearly two decades ago.

The rates won't take effect until the NHRS board of trustees formally adopts them in September 2010. At that point, they will become a factor in budget planning for towns and school budgets. A year ago, rates were projected to go up between 25 and 35 percent.

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