“New Hampshire State Retirement System ranks last in New England in 2020 annual investment returns!”
During a time when the stock market is booming under the leadership of President Trump, and continuing now, under Biden, it is surprising to learn that the New Hampshire Retirement System has posted the worst results in annual investment returns (ROI’s) with relation to other state retirement systems in New England, and elsewhere.
The stock market performance during the Trump years in the White House skyrocketed from 18,000 points to over 32,000 + points, raising all sectors. One has to wonder where the money of New Hampshire retirees and active members like teachers, police, fire, municipal employees, and state employees is being invested by the “investment experts” of the New Hampshire State Retirement System?
Similarly, the Massachusetts State Retirement System reported a 13.0 percent Return on Investments (ROI) for 2020; Rhode Island State Retirement System reported an ROI of 11.87 percent; Maine State Retirement System posted an ROI of 8.0 percent; the Vermont State Retirement System earned 4.0 percent ROI; and the Connecticut State Retirement System boasted a 1.89 percent ROI. In last place is the New Hampshire State Retirement System with a meager 1.1 percent ROI! Even N.Y. posted a 3.5 percent ROI and Pennsylvania reveled in posting a remarkable 11.11 percent return on investments!
Why is this concerning to the taxpayers of New Hampshire? The first place legislators turn to make up for losses is—yes, you got it!—the taxpayer! And, that is exactly what’s happening in New Hampshire!
Democrat Michael O’Brien (D) Hillsborough-36, (primary sponsor) Democrat Robert Cushing (D) Rockingham – 21, (co-sponsor) and Democrat Lucinda Rosenwald (D) Nashua – 13, (co-sponsor) have introduced legislation (HB 274) to “….require the citizens of New Hampshire to make up for the poor performance of investments by the New Hampshire Retirement Board.”
One hundred percent (100 percent) of the Democrats in the New Hampshire House of Representatives voted to support, to PASS, this incredulous legislation while ninety-one per cent (91 percent) of the Republicans voted to KILL this bill!
During similar situations in other states, benefits to recipients have been cut…a drastic measure, to be sure! But, you don’t ask the average, hard-working, minimum-wage- working citizen to “bail out” the poor performance of “investment experts” (who represent union members’ retirement monies!) when they screw up!
I urge Governor Sununu to veto this legislation should it get to his desk.
The other option is to seek “bail-out” money from the newly-enacted $1.9 Trillion Biden/Harris/Pelosi/Schumer Democrat Stimulus/COVID bail-out legislation just passed in Washington by Senators Shaheen and Hassan and Reps. Kuster and Pappas as well as all the other Democrats in Washington. It seems we, in Conservative New Hampshire, have joined the ranks of “tax-and-spend” California, New York, and Illinois, to name a few!
Nick De Mayo, M. Ed.
Sugar Hill, N.H.
Our lack of knowledge about the New Hampshire Retirement System is deep, wide, and profound. In such cases we must rely on heuristics.
You say all the Democrats, and nine percent of the Republicans, are for it? We’d lean towards supporting it, then. It’s not as if Republicans have been bowling us over with their wisdom lately.
We’d want to know more before making any commitment. That ROI appears to stink, but perhaps there’s some explanation.
Your solution stinks worse, though. Stick it to the workers? Nah. They earned their pension benefits. No way the state should screw them out of their money now.