Benefit Payments
Benefit payments are issued on a monthly basis via Electronic Direct Deposit or check.
2024 Pay Dates
January 31, 2024
February 29, 2024
March 29, 2024
April 30, 2024
May 31, 2024
June 28, 2024
July 31, 2024
August 30, 2024
September 30, 2024
October 31, 2024
November 29, 2024
December 31, 2024
Electronic Direct Deposit (EDD)
Retirees may have their pension payments directly deposited in up to three bank accounts through Electronic Direct Deposit. With EDD, retirees’ funds are electronically transferred to their financial institution on the last business day of the month. EDD is the fastest and most secure way to receive pension payments.
Retirees may access a monthly "non-negotiable advice of deposit," which details their gross pension, any deductions, and net deposit via My Account, a secure, online portal where users can access their personal account information from any computer. Advices dating back to January 1, 1999, are available on My Account.
To sign up for EDD, download and send in an Electronic Direct Deposit (EDD) form. My Account users can also sign up for EDD or update their bank information online.
New retiree EDD requests - If a complete and accurate EDD form is received by the 12th of the month, direct deposit will be effective for benefit payments issued at the end of that month.
EDD post-retirement change requests - If a complete and accurate EDD form requesting a change to current EDD instructions is received and confirmed by the 12th of the month, direct deposit will be effective for benefit payments issued at the end of that month
EDD is not available for banks outside of the United States.
Payment by check
Pension checks are mailed on the last business day of the month.
Retirees who do not receive their pension check by the second Tuesday of a month should contact NHRS at (603) 410-3694 or info@nhrs.org.
Changes in Benefit Amount
The net monthly benefit payment may change as a result of one or more of the following factors:
Health Insurance Premiums: Retirees who have all or part of the cost of health insurance premiums deducted from the pension payment will experience a change in the net pension amount when there is a change in the health insurance premium amount. Premium amounts typically change annually in January or July, depending on the insurer.
Medical Subsidy Payments: Qualified retirees and beneficiaries/dependents who are eligible for the Medical Subsidy benefit may see a change in the pension amount upon becoming eligible for Medicare, at which point the Medical Subsidy will be reduced to the Medicare Supplemental rate on the first of the month in which the member, spouse or, other eligible dependent becomes Medicare eligible.
Income Tax Withholding: Changes in retirees’ Federal income tax withholding may occur when tax tables are updated annually by the IRS.
COLAs: Retirees may experience an increase in the pension amount when cost-of-living adjustments (COLAs) are granted by the Legislature.
Group I Pension Recalculation: Group I (Employee and Teacher) members who retired on or after July 1, 2023, will experience a reduction in their Group I pension amount beginning the month following attainment of their full Social Security retirement age, based on the formula used to calculate Group I Service, Early Service, and Vested Deferred Retirement. Members who retire with Split Benefits will also experience this reduction on only the Group I portion of their pension.
For Group I members who retired prior to July 1, 2023, the recalculation is effective the month following the member’s 65th birthday.