NH Senate Approved Measure to Increase Retirement System Contributions

May 24, 2007 (PLANSPONSOR.com) - The New Hampshire Senate approved a plan Thursday that would mean a 2 ½% increase for retirees this year, the Associated Press reported.

According to the news report, the bill will put the New Hampshire Retirement System on more sturdy ground by:  

  • Shifting the system to a universally recognized accounting method;
  • Setting new limits on the diversion of retirement fund money into a special account; and
  • Eliminating a provision that allowed extra compensation to be counted toward retirement benefits.

The legislation will now re-enter the House, because the Senate made some revisions to the original bill.