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Heated testimony on HB581, bill to create a defined-contribution plan for new state hires
Summary
House Bill 581 would create a new defined-contribution retirement group for future state hires; the committee heard broad, sharply divided testimony and requested further actuarial and drafting work.
House Bill 581 would establish a new retirement classification (a defined-contribution group for new state employees) and set a 7% employee contribution and a 5% employer contribution for those new hires. Sponsor Representative Dan Maguire framed the measure as a step toward avoiding future unfunded pension obligations by moving new hires into a savings-style plan.
NHRS Deputy Counsel Mark Kavanaugh and NHRS staff provided a technical briefing and cautioned the committee about several administrative and actuarial issues. NHRS said it was neutral on the policy…
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