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The Boston Globe

Metro

CONCORD, N.H.

GOP wants new public pension system

Last year, Republican lawmakers shifted more of New Hampshire’s public pension costs onto workers to ease employers’ expenses. Now, they are proposing a parallel plan for new employees that lacks a guaranteed lifetime benefit. State Senator Fenton Groen is sponsoring legislation to create a mandatory defined contribution plan for public employees hired starting Nov. 1. Under Groen’s proposal, employees and their employers would have to contribute to a system similar to a 401(k) where their money is invested and retirement payment depends on their total investments when they retire.

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