Board Of Aldermen - Minutes - 9/21/2021 - P28

Past - 2008:
Rebuilding the Foundation

» Legislature enacts HB 1645

° Establishes Independent Investment Committee

° Transfers $250 million from Special Account to
Pension Trust

° Changes method of funding the Medical Subsidy
and freezes the 8% escalator for four years

° Revises definition of earnable compensation

° Followed by litigation; AFT v State of NH

Past - 2009:
Unfunded Mandate?

» Legislature reduces subsidy to political
subdivisions for teacher, police officer and
firefighter employer contributions from 35%,
to 30% in FY 10 and 25% in FY 11
© Followed by litigation in 2010; City of Concord v

State of NH
° Legislature in 2011 repealed subsidy entirely and
provided one-time $3.5M appropriation

9/20/2021