Copies of 2016 Internal Revenue Service (IRS) Form 1099-R for New Hampshire Retirement System retirees and beneficiaries have been mailed. All retirees and beneficiaries will begin receiving paper copies of these important tax documents via U.S. Mail in late January, however, anyone wishing to get a jump on tax filing may print out their 1099-Rs immediately through My Account, the retirement system’s online portal.
NHRS has released its Comprehensive Annual Financial Report, Summary Annual Financial Report, and Comprehensive Annual Investment Report for the fiscal year ended June 30, 2016.
Per statute, the NHRS member interest rate for calendar year 2017 will be zero percent. This interest rate is applied to a member’s accumulated contributions on an annual basis.
The retirement system has made upgrades to its website so members can now apply for service or vested deferred retirement benefits online; and retirees now have the option to have their pension payments deposited directly into more than one account.
The New Hampshire Supreme Court released a unanimous decision yesterday that upheld several changes to NHRS benefit provisions enacted by the Legislature in 2011.
The New Hampshire Retirement System realized a 1.0% return on investments in the fiscal year ended June 30, 2016.
A letter from the Executive Director: Last month, I shared with stakeholders our concerns with the trend of NHRS retirees returning to work in senior leadership positions on a “part-time” basis. I concluded my first letter with the following question: Is the current law working – does this make sense? Nearly 80 people shared their thoughts with me on that question, with more than 85 percent of those expressing an opinion agreeing that this is a topic deserving further discussion.
NHRS has submitted the following letter to the editor of The (Nashua) Telegraph to clarify incorrect information contained in a September 16 news article.
Fiscal Year 2016 Member Annual Statements for all NHR members who are not yet retired have been posted to My Account, the retirement system’s secure online portal. The annual statement provides personal data about member accounts including service, wage, contribution, and beneficiary information.
The NHRS Board of Trustees has certified employer contribution rates for fiscal years 2018 and 2019. The Board’s action – mandated under state law (RSA 100-A:16, III.) – formalized the draft rates that were developed by Gabriel Roeder Smith & Company, the NHRS consulting actuary, in the biennial actuarial valuation for the year ending June 30, 2015. The new rates take effect on July 1, 2017, which marks the start of the 2018 fiscal year.
A letter from the Executive Director: There is an emerging trend involving some retirees and employers that bears watching. While it is not uncommon for some NHRS retirees to work part-time after retirement, we are seeing more and more highly paid individuals retiring from their full-time positions and returning to work "part-time" in the same position, or in similar positions with another employer. While some individual retirees and their employers are clearly benefiting from this practice, positions that were previously full-time, contributing NHRS positions are eliminated and the revenue coming in from both the member and the employer is lost.
NHRS is aware of an increase in situations where participating employers are using shared or loaned employees. These arrangements may be structured in several ways and NHRS is still evaluating what, if any, impact this may have with respect to NHRS administration on such matters as enrollment, participation, creditable service, and “earnable compensation.” In the meantime, we strongly encourage participating employers to call NHRS for guidance when contemplating the implementation of such arrangements as any impact regarding NHRS administration is “fact specific” on a case-by-case basis.
NHRS has again been recognized by the Government Finance Officers Association of the United States and Canada (GFOA) for its annual financial reports.
Three bills related to RSA 100-A were enacted by the New Hampshire Legislature during the 2016 session and signed into law by the Governor. RSA 100-A is the statute governing the New Hampshire Retirement System (NHRS, the retirement system).
The New Hampshire Legislature did not authorize a 2016 cost-of-living adjustment (COLA) for eligible retirees or their eligible beneficiaries. As a result, annual pension benefits will remain at current levels.
The Board of Trustees of the New Hampshire Retirement System voted May 10, 2016, to adopt revised actuarial assumptions based on the results of a five-year experience study conducted by its consulting actuary. In a related vote, the Board voted to reduce the retirement system’s investment assumption, lowering the assumed rate of return from 7.75 percent to 7.25 percent.
The New Hampshire Retirement System (NHRS, the retirement system) has released two reports for Fiscal Year 2015 related to Governmental Accounting Standards Board (GASB) Statement No. 68, which impacts financial reporting for participating employers.
Pursuant to RSA 100-A:14, XII, the New Hampshire Retirement System (NHRS, the retirement system) is issuing this notice to inform NHRS participating employers about legislation that may have a cost impact on political subdivision employers.
The NHRS member interest rate for calendar year 2016 will be 1.5 percent, per statute.This interest rate is applied to a member’s accumulated contributions on an annual basis.
As part of its ongoing educational efforts related to the implementation of new accounting and financial reporting changes mandated by the Governmental Accounting Standards Board (GASB), NHRS has prepared a brief overview intended to answer some of the common questions participating employers have posed to the retirement system in recent months.