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Hollis-Brookline NHRS Summit June 25, 2013

Hollis-Brookline NHRS Summit June 25, 2013. Barbara T. Reid NHMA Government Finance Advisor And Dean Michener NHSBA Associate Director. State Retirement Contribution for Teachers, Police and Firefighters. FY 09 @ 35% = $51.6 million FY 10 @ 30% = $51.5 million FY 11 @ 25% = $44.3 million

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Hollis-Brookline NHRS Summit June 25, 2013

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  1. Hollis-BrooklineNHRS SummitJune 25, 2013 Barbara T. Reid NHMA Government Finance Advisor And Dean Michener NHSBA Associate Director

  2. 6/25/13

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  6. State Retirement Contribution for Teachers, Police and Firefighters • FY 09 @ 35% = $51.6 million • FY 10 @ 30% = $51.5 million • FY 11 @ 25% = $44.3 million • FY 12 --------- = $ 3.5 million • FY 13 and forward --------- = $ O 6/25/13

  7. Net Impact of Retirement Reforms, Elimination of State Contribution, and Assumption Change • Plan (benefit) changes reduced the unfunded liability (estimated at $3.8 billion) by $430 million. • FY 2012 cost savings to local governments due to HB 2 reforms estimated at $43 million to $48 million (includes increased EE contributions). • Savings to the SNH due to elimination of retirement contribution estimated at $59 million (35%) or $41 million (25%). • Assumption change (lowering the assumed rate of return from 8.5% to 7.75%) estimated at $568 million for local governments.

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