Special Board of Aldermen 09-21-2021 Page 19
have been the answers you wanted to hear, but, you know, trying to give you some answers. With the 100% funding, it
is in the abstract but, you know, there's not a magic day where you're 100% funded and you're 100% funded forever.
You could be 100% funded one day and 95 or 102 the following day depending on, you know, how the quarterly
eamings report did what it did to Wall Street.
When you talk about paying out the benefits not all at once, but you over the lifetime of all these generations of public
employees, and you're talking about somebody who can enter the plan in their 20s, or the 30s, work 20, 30, even 40
years, and then live another 20, 30, 40 years, and that's the horizon that you're looking at. A lot can happen in 60 to 70
years, you know, in the world. So if you're not shooting to be fully funded, you're much more vulnerable to shocks and
disruptions that it's gonna cost more to fund the plan than if you were in a stronger financial position. So, you know, |
think it's fair to say, you know, 100 is the goal. We may or may not be there because of layered amortization and maybe
always carrying a debt forward but if you think of it, you know, as a kink in the hose, this is this balloon that unfortunately
you folks are all dealing with in your budget right now. But getting through this pain and having the discipline to pay this
back up to a better funding ratio will prevent it from happening again in the future. Hopefully, you know, there's certainly
going to be a State in New Hampshire, as the Mayor alluded to, and | certainly hope there’s always going to be a
Nashua. The town where my kids grew up, people are going to want to live here like they still do now | believe.
Alderman Dowd
By the way, can you tell me what percentage of the people that are in the State retirement plan are eligible to retire?
Marty Karlon, Director of Communications and Legislative Affairs
Not off the top of my head. Basically if you're reached the minimum age requirements to retire, you can retire. So folks
who are older than 60 on the employee and teacher side can retire now if they're that old and the police and fire is age
and service requirements for folks that range anywhere from age 45 with 20 years to age 52 % with 25 years for the
newer hire. So there's always a pool but we don't tend to look at that and have a handy stat for you. | could research that
if you're interested in though.
Alderman Dowd
So you also alluded to that you're going to have a year-end report very soon?
Marty Karlon, Director of Communications and Legislative Affairs
Yeah those come out in December - the investment and the financial report.
Alderman Dowd
Not until December?
Marty Karlon, Director of Communications and Legislative Affairs
So we get these numbers from the actuary usually around Halloween or early November and then to finish the reports so
that the funded ratio and that information will be available.
Alderman Dowd
So do we get copies when that's available?
Marty Karlon, Director of Communications and Legislative Affairs
Sure.
Alderman Dowd
Thank you.
President Wilshire
Alderman Clemons.
