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Administration December 11, 2007
NH Town Considers Bailing From State Plan
December 11, 2007 (PLANSPONSOR.com) -Milford, New
Hampshire, is pondering whether it should run its retirement
plan on its own rather than be a part of the New Hampshire
Retirement System (NHRS) because of NHRS' current $2.5
billion funding shortfall.
Reported by Fred Schneyer
The town’s Board of Selectmen decided at a recent meeting to investigate exactly how Milford would go about withdrawing from the NHRS, according to a news report in Global Pensions, UK. The suggestion for Milford to go at it on its own is being driven by Selectman Jim Dennis who proposed the withdrawal.
According to the news report, Dennis declared: “[A]
well-designed, professionally managed, market-based plan
run on a single-town basis could provide better retirement
benefits for employees, less costs to taxpayers and a more
flexible approach that better aligns employee and taxpayer
interests.”
The board could expect more than a doubling of the town’s
expenses before there were any reforms, the news report
said.