Recently, two New Hampshire House Committees voted to retain three bills for further study that the NEA-New Hampshire has been tracking closely. If passed, these bills could have a dramatic effect on your wallet, both today, and in retirement.
First, last Friday, the Special Committee on Public Employee Pension Plans voted to retain HB 369, establishing a defined contribution retirement plan for public employees, and HB 556, establishing a cash balance plan for public employees in the retirement system. Both of these bills could dramatically reshape the retirement plans for both current and newly hired members if enacted. The Chairman of the committee indicated that it is his intention to start further work on the bills in March.
While NEA-New Hampshire applauds the committee for not rushing through a bad bill and allowing for additional study, there are still plenty of issues with the bill that will need to be addressed. NEA-NH will monitor and work closely with the committee to ensure that all of our members concerns are addressed.
This past Tuesday, House Ways and Means voted to retain HB 634, a bill that would increase the interest and dividend exemptions for individuals and couples, while simultaneously closing the loopholes for certain trusts that allowed high income individuals to avoid paying the tax altogether.
Raising the exemption for individuals will put more money in the pockets of many middle class New Hampshire families, while the expected $100 million in additional revenue raised by closing these loopholes will be shared with municipalities, bringing property relief to thousands. You can read the NEA-New Hampshire’s full statement on this bill here.