The Senate Executive Departments and Administration Committee held a hearing Wednesday on SB 364, which would establish a supplemental savings plan that would be housed at the NH Retirement System alongside the current defined benefit plan. This plan would provide new hires with security and portability that younger workers deserve.
SEA members Casey Horner and Brandon Anderson testified at the hearing Wednesday in support of the bill, which is sponsored by Sen. Sylvia Larsen and supported by the NH Retirement Security Coalition, of which the SEA is a member.
Horner, who is chair of the SEA’s New Hampshire’s Emerging Workforce Committee, said newer employees were heavily impacted by retirement benefit changes enacted in 2011, and this bill is an important recruiting tool to draw younger workers.
“As our workforce nears retirement age, we will require newer and younger employees to take over for them,” he said.
“Unfortunately, the jobs the state offers typically do not pay as well as those in private enterprise, and we miss out on quality applicants because of it,” Horner said. “The promise of a quality benefits package and the prospect of a retirement are two of our greatest recruiting techniques.”
“I urge you to support SB 364 because if we do not, we could lose out on the quality workforce our state needs for the future,” he said.
We thank the members who came forward to testify, and we’ll be sure to keep you updated on this bill as it moves through the legislative process.