Board Of Aldermen

Past - 1984:
A Granite (State) Foundation

» NH Constitution amended (Part |, Article 36-a)

° Establishes that pension funds are for the exclusive
benefit of NHRS members and are not to be diverted
for any other purpose

° Requires Trustees to set actuarially sound employer
contribution rates and employers to pay the rates in
full

¢ Distinguishes NHRS from many systems where
annual funding level is at the discretion of the
legislature (e.g. Illinois, New Jersey, Kentucky)

Past - 1977:
The Employer Subsidy

» State reduces employer contribution subsidy
for teachers to 35% from 40%

> State creates 35% employer contribution
subsidy for police officers and firefighters
employed by political subdivisions

» Subsidy remained in place until it was
reduced beginning in 2009 and then
eliminated in 2011

Past - 1983:
Heads | win, tails you lose

» Legislature creates Special Account to fund

future COLA and OPEB benefits

Past - 1967:
In the beginning...

» RSA 100-A enacted, establishing NHRS

¢ Consolidates four separate plans for teachers,
police officers, firefighters and employees of
the state and political subdivisions

° Creates Group | for teachers and employees
and Group Il for police officers and firefighters,
each with its own benefit structure

o State pays 40% of employer contributions on
behalf of teachers

9/20/2021

Special Board of Aldermen 09-21-2021 Page 23

Yea: Alderman O’Brien, Alderman Dowd, Alderman Caron, Alderman Lopez,

Alderman Jette, Alderman Schmidt, Alderman Laws, Alderman Cleaver,

Alderman Harriott-Gathright, Alderman Wilshire 10
Nay: Alderman Clemons 1
MOTION CARRIED
ADJOURNMENT

MOTION BY ALDERMAN O’BRIEN THAT THE SEPTEMBER 21, 2021, SPECIAL MEETING OF THE BOARD OF
ALDERMEN BE ADJOURNED, BY ROLL CALL

Special Board of Aldermen 09-21-2021 Page 22
Alderman Lopez

| said we have the Facebook comments section that can handle it.

Alderman Jette

Oh. Good point. Thank you.

Alderman Clemons

Thank you Madam President. Through you to Cooperation Counsel, my question is hypothetically, what would happen if
this motion failed?

Steve Bolton, Corporation Counsel

You could all go to jail. | don't think that would happen but theoretically was how you prefaced your question. You're
required by law to put this on the ballot.

Special Board of Aldermen 09-21-2021 Page 21
Alderman Dowd

Just for clarification through Corporation Counsel, it's | believe the legal opinion of legal counsel that we have no option
but to vote yes on this.

Steve Bolton, Corporation Counsel

The Board of Aldermen is required to order it placed on the ballot.
Alderman Dowd

That's what | was trying to get.

President Wilshire

Alderman Jette.

Alderman Jette

Special Board of Aldermen 09-21-2021 Page 20
Alderman Clemons

Thank you, Madam President. | just wanted to give my two cents for whatever its worth. Probably worth a lot less in the
retirement system but. So my feeling on this is that the, you know, | understand the goal of the 100% and getting there.

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.

Special Board of Aldermen 09-21-2021 Page 18

have a handful of teachers. We've got more than a handful in this town.

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?