Special Board of Aldermen 09-21-2021 Page 17
Marty Karlon, Director of Communications and Legislative Affairs
City employees only have a separate plan in Manchester much like your Public Works folks do in Nashua. But the
teachers, police, and fire who work in Manchester are part of NHRS.
Alderman Jette
Okay. My second question is to Alderman Lopez’s question. This idea of 100% funding did you say that that's a
decision that the legislature made that you have nothing to say about that? Is that correct?
Jan Goodwin, Executive Director of NH Retirement System
It is a decision that the legislature made, Sir, and speaking as fiduciaries even though we're not Board members we are
staff, and that does make us fiduciaries. It is the right thing for the plan to do to have a goal of being 100% funded.
Alderman Jette
Okay. So that may be ideal but do you know what banks are required when banks lend out money and they have a
liability to their borrowers? Do they have to hold 100% of those assets? Do you know?
Jan Goodwin, Executive Director of NH Retirement System
No. Banks are subject to different rules and regulations than pension funds are because they’re different types of
enterprises.
Alderman Jette
Do you have any idea what percentage banks are required to hold?
Jan Goodwin, Executive Director of NH Retirement System
| personally do not know.
Alderman Jette
| don't know either but | suggest it’s a lot less than 100%. | pick the same is true of insurance companies. This idea of
100%, you know, being an ideal | understand from what you're saying that the legislature has made this decision but it
does not seem in spite of you're saying that it's the right thing to do, | don't think anybody else does it. So I'm not sure
how right a thing it is to do. And it's an easy decision to make for the legislature when at the same time the legislature
has opted out of funding this at all. They've gone from 40 - 35% to zero. So it's easy for them to say you're to fund this
at 100% but we're not going to contribute anything. | know it's not your decision and I'm not trying to shoot the
messenger but it's a hard for me and | don't know if you can justify it, but it's hard for me to find a justification for this
position. | echo what my other fellow Aldermen have said. This is really hurting not only Nashua but all the cities and
towns. Thank you
President Wilshire
Alderwoman Lu? Alderwoman Lu? Is there anyone else that has questions?
Alderman O'Brien
Thank you, Madam President. | really want to thank you folks and for coming down here. | hope you don't really feel
that you're in the middle of a lion's den, you know and if you did, | apologize. But | think the other Aldermen have really,
truly express their opinion. What you’re going to do with it, | don't know/. As a State Representative as well, | appreciate
the non-partisanship of the New Hampshire Retirement System. You guys do not take sides to the political games that
exist up there. You try to do your best to advise the legislature and I'm under the impression at times the real problem
with the New Hampshire Retirement System is 400 legislatures and it seems.
Last year, | wrote a Bill to put in just 15%, or excuse me, 5% to get back to the 35. Just 5%. It was defeated. Nashua is
dealing with cities and towns up there that don't employ the amount of firefighters, and police, and teachers that we do.
We have some schools, elementary schools that’s probably bigger than some SAUs in some communities. They might
