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Mr. Whalen should be worried about unfunded $4B we all owe

  • Published in Letters

To The Daily Sun,

As per Mr. Whalen's letter as to fairness: he is certainly entitled to his own opinions but not necessarily his own fuzzy "New" math. Would Mr. Whalen please furnish us with a five year compounded history of his Social Security payment percent increases and then also those of Sanbornton town employees? It is so easy to compare apples to oranges? The New Hampshire Retirement System is at a 60 percent funded ratio with a $4 billion dollar underfunded status as of 6/30/13. Town workers getting modest wage increases as compared to the giving away of the store as 20 years ago is certainly warranted. They too have to pay $1.20 per gallon more for heating fuels and gasoline than three years ago.

According to Wall Street there is no inflation if you substitute pork for beef until you try and buy a pound of bacon. The current Legislature is hardly going to do anything as to capping pension distributions until the trust fund that assures these employees their pensions in retirement reaches a sustainable 80 percent funding ratio. The reverse Robin Hood will continue as the top 20 percent of annuitants in distribution sizes will continue to take PLUS 50 percent of the NHRS trust funds' annual gross distributions. They earned them but their contributions as relates to the actual rates of returns on them in the NHRS Trust Fund did not! As the lesser paid town employees get raises in pay now, their current pension contributions are effectively being confiscated by the NHRS and the state legislators who refuse to act to protect them from the top 20 percent annuitants' plundering their contributions. Are these employees really getting a raise if what they are paying towards their retirements is being fed into a Ponzi scheme? With the 2 1/2 percent salary increase they are at least getting something now, that is more than a flimsy sanguine future promise if you just trust in the NHRS trustees.

Mr. Whalen seems worried about some relatively small change vs. what the total N.H. tax bases are liable for as their portions of $4 billion!

Timothy Sullivan