A statutory commission created by 2023 legislation to study the impact NHRS benefits have on the retention and recruitment of public employees has issued its final report, which includes five recommendations.
During parallel processing, NHRS is requiring employers to continue submitting their monthly active member reporting files using the current Data Reporting System (DRS), and to begin submitting their monthly active member information using the new version of the DRS, which has a different file layout.
NHRS has become aware of calls and/or emails members have received recently from third parties soliciting them to sign up for a free retirement appointment. THESE COMMUNICATIOSN ARE NOT FROM NHRS.
NHRS realized an 8.2% return on investments in the fiscal year ended June 30, 2023.
Fiscal Year 2023 Member Annual Statements for all New Hampshire Retirement System members who are not yet retired have been posted to My Account, the retirement system’s secure online portal.
PBI, a third-party vendor used by NHRS, recently informed us that an application it uses for data transfers, called MOVEit, contained a vulnerability that potentially enabled unauthorized individuals to access data handled using MOVEit. If an NHRS retiree or beneficiary was affected in this incident, that individual will receive a notification letter from PBI within the next few weeks containing information on how to obtain free credit-monitoring services. No system or network of NHRS was compromised or otherwise impacted in this incident.
Brian Bickford of Hopkinton was recently appointed to the NHRS Independent Investment Committee as a public member.
Five bills related to RSA 100-A were enacted by the New Hampshire Legislature during the 2023 session. RSA 100-A is the statute governing NHRS.
Jason Henry was recently appointed to the New Hampshire Retirement System Board of Trustees as an employer member representing the NH Association of Counties.
Governor Sununu's recent executive order dealing with investment funds and strategies based on non-financial considerations, including environmental, social, and governance (ESG) criteria does not impact the retirement system’s $11 billion investment portfolio and decision-making processes, which is already focused on obtaining the highest return at a prudent level of risk and volatility.
Eleven legislative proposals related to NHRS remain active in the N.H. Senate, including three stand-alone bills added to the budget trailer bill.
NHRS has released reports for Fiscal Year 2022 related to Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75.
NHRS has again been recognized by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual financial report.
To match individuals’ withholding instructions to changes in tax law, the IRS has redesigned tax withholding forms for both monthly pensions and annuities and one-time payments and rollovers. Use of these forms was optional for tax year 2022, however the IRS requires that the new forms must be used beginning January 1, 2023.
Two new members recently joined the NHRS Board of Trustees.
The New Hampshire Retirement System realized a negative 6.1% return on investments in the fiscal year ended June 30, 2022. The three-year, five-year, 10-year, and 25-year returns for the periods ended June 30, 2022, were 7.1%, 7.2%, 8.5%, and 6.9%, respectively. All returns are net of fees. The retirement system’s assumed rate of investment return is 6.75%.
Jon Frederick was recently appointed to the NHRS Board of Trustees as an employer member representing the NH Municipal Association.
The Fiscal Year 2022 Member Annual Statements for all New Hampshire Retirement System members who are not yet retired have been posted to My Account, the retirement system’s secure online portal.
The New Hampshire Retirement System has hired Raynald Leveque to serve as Chief Investment Officer (CIO), effective October 1.
The NHRS Board of Trustees certified employer contribution rates for fiscal years 2024 and 2025 at its meeting on July 12, 2022. Employer contribution rates for the four membership classifications – Employee, Teacher, Police, and Fire – will decrease from the current rates beginning July 1, 2023.