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Hearing on COLA for Group 2 retirees draws support from firefighters but budget cost and unfunded liability questions remain
Summary
Senate Bill 242 would grant a cost-of-living adjustment (COLA) on the first $50,000 of retirement allowances for Group 2 members; firefighting organizations urged passage, but committee members and retirement-system staff highlighted a large present-value cost and interplay with the system—s unfunded actuarial accrued liability.
Senate Bill 242, presented by Senator Regina Bartzell on behalf of Senator Bill Gannon, would establish a 2025 cost-of-living adjustment (COLA) for retired Group 2 members or beneficiaries, paid on the first $50,000 of a retired allowance and funded from the state general fund. Bartzell noted the sponsor’s concern about the proposal’s estimated present-value cost to the retirement system.
Representatives of retired and active firefighters and police testified in support. Arthur Beaudry, a retired Manchester Fire Department captain and past trustee of the New Hampshire Retirement System, urged the committee to grant a COLA to long-serving Group 2 retirees, outlining the legislative history of COLA…
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