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?
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
Special Board of Aldermen 09-21-2021 Page 15
staying at least flat in the 24 — ‘25 rate cycle compared to ‘22 - ‘23. Whether they'll go down, we don't know because of
other liabilities.
Special Board of Aldermen 09-21-2021 Page 14
Marty Karlon, Director of Communications and Legislative Affairs
The auditors may have an issue with it as well.
Steve Bolton, Corporation Counsel
It seems like there's a willingness to deviate from that principle in the other direction. Thank you.
Alderman Dowd
Special Board of Aldermen 09-21-2021 Page 13
Special Board of Aldermen 09-21-2021 Page 12
season.
