NH Senate votes to Change Retirement Rules
May 15, 2009 by Stephen Kersey
Filed under Finance
The New Hampshire Senate has voted to increase the length of time that police officers and firefighters have to work before they can retire. The number of years was unanimously voted to be increased from 20 to 25 years.
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With economic troubles, this change is part of an ongoing effort to cut costs in the New Hampshire Retirement System so that it can continue to provide retirement benefits to state and municipal workers. The rule change goes into effect for those hired after July 1, 2009.
At 25 years, employees will be able to retire and be entitled to 62.5% of their pension benefit. Workers have an option to serve longer (up to 40 years) for a larger pension.
Many states around the country are trying to alter their retirement programs in order to be able to continue providing pensions for their government employees.
Source: News Wire
