NHRS has released reports for Fiscal Year 2022 related to Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75.
NHRS has become aware of emails members have received recently from third parties containing a link to sign up for a free retirement appointment.
The retirement system has released its Annual Comprehensive Financial Report, Summary Annual Financial Report, and Comprehensive Annual Investment Report for the fiscal year ended June 30, 2022.
The New Hampshire Retirement System member interest rate for calendar year 2023 will be zero percent.
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.
Seven bills related to RSA 100-A were enacted by the New Hampshire Legislature during the 2022 session and signed into law by the Governor.
Legislation enacted in 2022 will provide a one-time $500 payment to more than 23,000 eligible retirees or beneficiaries receiving a benefit from NHRS.
Legislation enacted in 2022 will modify the calculation of compensation paid in excess of the full base rate of pay under the definition of Average Final Compensation for Group II (Police and Fire) members who commenced service prior to July 1, 2011, and who had not attained vested status prior to January 1, 2012.
Legislation enacted in 2022 will require the State of New Hampshire to reimburse 7.5 percent of local employer contributions to NHRS made in fiscal year 2022 for Group I teachers and Group II police and fire members.
Legislation enacted in 2022 will allow active members who commenced Group II (Police and Fire) service between January 1, 2002, and June 30, 2011, to purchase nonqualified service time in order to reduce the minimum age and service requirements for retirement that were enacted in 2011. Implementation of SB 363 requires significant computer programming and NHRS is unable to accept requests for service purchase cost calculations until the law takes effect.
NHRS will no longer accept email attachments to its general information email address effective August 1, 2022.
The NHRS Independent Investment Committee unanimously voted to direct its external separate-account managers to sell the Russian assets held in the NHRS portfolio as soon as practical and prudent. As of March 1, the combined value of these investments was just under $4 million, or 0.00035 percent of a total portfolio of nearly $11.5 billion.
NHRS has released reports for Fiscal Year 2021 related to Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75.