Gregory Ives

Creating a defined contribution retirement plan is short-sighted. It is not well thought out. Nearly four out of five benefit recipients live in New Hampshire. Unlike the proposed defined contribution plan (so-call "Group III"), defined benefit pensions provide disposable income to pensioners because they need not fear they will outlive their retirement funds. For every dollar paid out as pension benefits generates about $1.70 in local economic output. NH public employees already have the option to supplement their retirement benefits through a deferred compensation plan. This bill creates more bureaucracy, adds nothing to retirement income for retirees, and may negatively affect the NH economy. This bill should be voted as ITL and disposed of promptly.