Dover City Manager Michael Joyal released a public statement late Tuesday night, stating that the city could see its retirement costs for city and school employees increase approximately
$1 million, as all rates are increasing significantly over the current fiscal year 2013 rates. Joyal said the NH Retirement System has certified the employer rates of contribution to be paid throughout FY2014 and FY2015 and as a result, all full-time city employees who participate in the NH Retirement System will see a 22.4 percent increase, teachers will see a 25.3 percent increase, police will see a 26.8 percent increase and fire will see a 21.2 percent increase to what they are currently paying. Joyal said that will cost the city an additional 1 million dollars and says one of the reasons it falls on the city is that the Legislature took money away from the core part of the retirement program that would’ve been available to cover the shortfalls of investments that are now occurring.