(Senate Press Release)

SB3 now heads to governor’s desk with veto proof majorities

(Concord) The Senate and House made a big statement on a major issue today with both houses voting to pass reforms to the state’s retirement system by veto proof majorities. The votes were 19-4 and 250-112 respectively.  SB3 now heads to Governor John Lynch’s desk.

Reacting to the passage of the bill he fought all session for, SB 3 prime sponsor Sen. Jeb Bradley, R-Wolfeboro, said:

“This legislation will provide the stability and viability our retirement system needs in order to reduce our $4.7 billion unfunded liability and unsustainable rates – rates that have already led to job losses on the local level as some of our cities and towns have been forced to lay off teachers, firefighters and police.“SB3 is a bill about ‘difficult choices’ and how we deal with a situation that has grown out of control over the years.  There is indeed enough blame to go around, but I say to taxpayers, employees and employers, we have been fair.  This compromise meets three criteria: to have the least impact on current retirees, to have a small impact on those close to retirement and to have more impact on younger employees who have more employment options.  Our final work product today respects those goals and is a marked improvement from where we are now.

“This bill is difficult medicine, but the longer we wait to take it, the worse our situation will be.  SB 3 is not a silver bullet but it does begin the process of making our retirement system stable and viable for the future.”