The Portsmouth Supplemental Retirement Board convened on May 4, 2023, to discuss significant financial updates and the overall health of the retirement system. A key highlight of the meeting was the city’s substantial contribution of approximately $8 million made in early February, which, combined with strong market performance, improved the funded status of the retirement system to nearly 69%. This marks an increase from around 68% at the close of the previous fiscal year.

During the meeting, board members reviewed the current demographics of the retirement system, noting a decline in active participants. There is now only one active member in the fire and police system, while the average age of retirees is just under 70 years. The board also reported that 624 retirees are currently receiving benefits, with a significant number having been in the system for over 30 years.

The discussion included insights from a recent participant study that examined financial well-being and stress among retirees. The findings indicated that inflation and rising interest rates are major concerns for participants, impacting their financial planning and mental health. The board emphasized the importance of engagement and awareness in retirement planning, suggesting that increased participation in financial wellness programs could lead to better outcomes for retirees.

Additionally, the board addressed the potential for offering lump-sum payouts to terminated employees, although it was noted that the current economic environment may not make this a viable option. The conversation also touched on the upcoming budget, which includes a one-time stipend of $1,500 for retirees, aimed at providing immediate financial relief amid rising costs.

Looking ahead, the board plans to continue monitoring the system's performance and will provide updates to the new city council members in the fall, ensuring they are informed about the retirement system's status and future strategies. Overall, the meeting underscored the board's commitment to maintaining the financial health of the retirement system while addressing the needs of its members.