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.
GOP wants new public pension system
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