Published: 6/3/2018 12:00:46 AM
As the 2018 legislative session has ended, Gov. Chris Sununu has several bills to sign into law. One of these bills is HB1756-FN-A, which as amended provides a one-time payment of $500 to certain New Hampshire retirees.
Retirement benefits are a crucial part of our economy. The NHRS reported in 2017 that $706 million was paid out in pension benefits, noting 80 percent of New Hampshire retirees remain in New Hampshire. Therefore over $5.5 million is injected right back into the economy through property taxes, purchases of services and goods, and supporting local businesses. The National Institute on Retirement Security reports that each $1 paid out in benefits supports $1.40 in economic activity in New Hampshire.
These facts highlight the ever-important reason why all retirees should receive COLAs. They increase the important role of retiree buying power at the state and local level and allow retirees not only to live with dignity after dedicating their lives to educating our children, fighting fires, protecting our streets, and making sure our cities and towns and state run properly, but also allows them to continue to support the economy.
We applaud the bipartisan support in both chambers for such an important bill. This was a wonderful step in the right direction, but there is still much more work to be done. This bill will impact only one-third of retirees, plus many citizens in New Hampshire lack any type of retirement security. Clearly, when all citizens have retirement security the economy benefits, and local businesses thrive.
MEGAN TUTTLE
Concord
(The writer is president of NEA-NH and a member of the N.H. Retirement Security Coalition.)