Challenges in pension governance: A case study of the New Hampshire Retirement System

This case study of the New Hampshire Retirement System illustrates the challenges of pension governance. It chronicles a series of events in 1991-92 which led to a cumulative ;Events in New Hampshire during the recession of 1991 were not unique; researchers found that a number of states sought to balance budgets by reducing pension contributions during that period. New Hampshire's experience is consistent with those findings. This case study makes a contribution to the literature with a detailed account of the deliberations of the board of trustees. Research on retirement board composition has examined various categories of trustees; this study depicts individual trustees struggling with pressures from various constituencies. The findings suggest a common experience among member trustees and politically affiliated trustees, transcending the particular categories.;Based on the findings, this study suggests that public retirement plans be viewed as systems. In order to enhance the governance of the pension systems, strategies are recommended which include trustees, stakeholder groups, legislators, and agency staff. These proposals may be timely. If the scope of the current financial crisis dwarfs the recession of 1991, retirement systems will face momentous pressures. Insights in this case study might avert a recurrence of past mistakes.