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Retirement system warns House budget cuts would stall IT and service upgrades; system is self-funded
Summary
New Hampshire Retirement System leaders told the committee that House back-of-the-budget reductions would cut $4.2M–$4.4M from the system’s operating plan, impairing planned IT upgrades, cybersecurity and member services; the system’s operating funds come from trust assets, not general funds.
Jan Goodwin, executive director of the New Hampshire Retirement System (NHRS), and Marie Mullen, director of finance, presented the system’s financial position and effects of a House back-of-the-budget reduction.
Goodwin said NHRS’s net assets were approximately $12.3 billion as of June 30, 2024, and noted the fund’s funded ratio has improved in recent years. The system’s actuarially assumed rate of return remains at 6.75% following a recent experience study, she said.
Mullen explained…
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