US - The New Hampshire House committee has approved a bill to change the state employees' retirement system.
Jim Valiquet, chief of police, Bradford, New Hampshire, who is part of the New Hampshire Retirement Security Coalition which opposes the legislation, said: "The bill fails to address the employers pension obligations and creates a two tier system for the group two police and fire personnel. We are committed to work with the legislature to insure the long term viability of the retirement system.
"All we asking for is security in the knowledge that employees will have a stable, solid pension system with a medical subsidy to assist them through the golden years so that they can maintain some a realistic standard of living."
Earlier this month, Anne-Marie Irwin, member of the New Hampshire House and chair of the Joint Committee of House Executive Departments and Administration and House Finance, outlined the changes.
In a letter to a local newspaper, she said the bill would transfer $250m back into the retirement fund from the special accounts, freeze the medical subsidies, establish a new health-care plan, start a cost-of-living adjustment system and change the composition of the board.
The New Hampshire Retirement System is worth US$5.96bn, but is currently US$2.6bn under funded.
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