CONCORD – Yesterday, New Hampshire Senate Republicans were quick to attack their fellow legislators and public employees after Standard & Poor announced New Hampshire’s bond rating was adjusted following a court ruling on the Medicaid Enhancement Tax (MET).
In 2007, responsible and bipartisan retirement reforms were enacted. Instead of allowing these changes to work, in 2011 Sen. Jeb Bradley (R-Wolfeboro) and his fellow Senate Republican colleagues added to the unfunded liability (UAAL) by slashing employer contributions. Due to Senate Republicans’ so-called pension reforms in 2011, they increased the UAAL by 11.5% – adding over $400 million to the state’s underfunded status, exacerbating the problem. These failed policies were a contributing factor to New Hampshire’s lowered bond rating.
Embracing real pension reform for newly hired employees and encouraging an open discussion with public employee groups would have been a responsible solution to our state’s financial concerns. Unfortunately, Senate Republicans refused to discuss retirement security for all public workers, and sentenced newly hired police officers and fire fighters to a future reliance on taxpayer-funded services.
For more information on the New Hampshire Retirement Security Coalition, please visit nhretirementfacts.com and follow us @NH_RSC