Hollis-Brookline NHRS Summit June 25, 2013
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Hollis-Brookline NHRS Summit June 25, 2013 Barbara T. Reid NHMA Government Finance Advisor And Dean Michener NHSBA Associate Director
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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 - PowerPoint PPT Presentation
Transcript of Hollis-Brookline NHRS Summit June 25, 2013
Hollis-BrooklineNHRS SummitJune 25, 2013
Barbara T. Reid
NHMA Government Finance Advisor
And
Dean Michener
NHSBA Associate Director
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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
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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.7
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