Special Board of Aldermen 09-21-2021 Page 16
like some plans do but everybody has a mix of, you know, real estate and equity.
Alderman Lopez
And that 18 years of catch up planned?
Marty Karlon, Director of Communications and Legislative Affairs
The amortization for 2039 is Statutory. So that's something that's in the law in terms of the investment decisions in the
determination of the assumed rate of investment return the Board or the Investment Committee deals with that. So
there's sort of a bifurcation on the funding versus investments.
Alderman Lopez
That 100% is that all in the amortization plan?
Marty Karlon, Director of Communications and Legislative Affairs
That that's in the Statute. Yes, the statutory. The details of the plan are but the funding goal is enshrined in the Statute.
Alderman Lopez
And is that a product of your office or is that a product of State legislation?
Marty Karlon, Director of Communications and Legislative Affairs
State legislation. We as a Bboard at NHRS doesn't take sides on the benefit increases, or decreases, or things like that.
That's a central function left of the plan sponsor, which is the State. We'll run the numbers for proposals, but we typically
don't advocate for or against outcomes unless they're really fiduciary challenging to us or would be tax violations and
things like that.
Alderman Lopez
Right and | think it's important to gauge your influence on this so that we can figure out who we should be talking about.
President Wilshire
All set Alderman Lopez?
Alderman Lopez
Yep, thank you.
Alderman Schmidt
Thank you, Madam President. The reason | was really glad when | heard that you were going to be here today was |
wanted to make it make it clear that what happens when we get a bill of $29 million? Property taxes go up. That's how
we fund this. This last year when you only made 1.1%, a lot of people here lost money. A lot of people here lost their
jobs. There's people who can't pay their rent. This is hard on us. This is not the time for this to go up and I'm very, very
disappointed that there's this goal of 100% when we're talking about people. When we're talking about them staying in
their houses. That's the real issue that | see in this entire thing. | see how you're stuck because of what the legislature
has done and we should work on that. But we also have to understand that we're people at this point and this is very,
very important to us at this horseshoe. Thank you.
Alderman Jette
Thank you, Madam President. So | echo the Mayor's comment that he doesn't want to shoot the messenger. We
understand that you're the messengers but | have several questions. One is when you first started talking, you talked
about how we were the second largest participant in the retirement system. | think I've heard you say that Manchester is
separate. Is Manchester not in the State retirement system?
