Study: New Hampshire has one of the worst pension systems

Pew Center on States has published the status report on the pension system of the fifty states. New Hampshire rated as one of the worst with over $3B in unfunded liability, funding ratio at 58% and the state withdrawing its funding to 30% and 25% in the next two years.
It is a huge burden on the local taxpayers that hasn't come ashore yet.
Group II employees can retire after 20 years (amended to 25 for new employees) with retirement pay formula calculated at 125% of the base pay which can include O/T, sick pay and personal time off. It is based on 2.5% for every year of service.
There is no political will to reform the egregious system. The Retirement Board is managed by a select group of 14 with 8 of its members beneficiaries of the system. An attempt to amend that obvious conflict of interest went no where in the legislature last year.
How many of the citizens of the state enjoy such a lucrative pension, not to mention the most generous(Cadillac) health insurance plan, all guaranteed by the tax payers?
It is a system that reflects why we need organizations such as the Live Free or Die Alliance. The party politicians hand out the unsustainable benefits using the tax payer funds to the unions in return for their block votes. It is a corrupt system with regular people that work and save for their future retirement have no meaningful say in it.
You might hear lame excuses for the status as follows: The stock market losses put us in the bind and/or the employers (town taxpayers) haven't been contributing enough into the funds.
Both of those are bogus arguments to cover up the total mismanagement. The actuarial requirement had been set at 8.5% for pension annuity funding. In 1983, some politician wanting to get the votes, managed to pass a bill that siphoned off any excess return on investment over 9%. Guess what they did with the excess. They sweetened the benefits so that they could get the votes. If the excess had been left to accumulate, it would have taken care of the lean years such as the past one.
It is time to take back the state. The state government is for promotion of general welfare, not sweetheart deals to voting blocks at the expense of the rest.
The legislature must get rid of the benefit based pension system for new employees and institute a contribution based system, i.e. 401-K. The board must be totally independent with no employees benefiting from it on the board. The pension system must be the same as enjoyed by the average New Hampshire tax payer. Sunset the Cadillac health insurance largess.
We have got to get the legislature to concentrate on such vital issues instead of trying to legislate motor cycle helmets, smoking bans and the myriad of unwanted rules and regulations. It is really scary getting up from the bed in the morning not knowing you have already violated some state/local regulations or ordinances. That is not the lifestyle of people in the Live Free or Die state.