For Immediate Release: July 12, 2022
Contact: Marty Karlon, Director of Communications & Legislative Affairs, (603) 410-3594; firstname.lastname@example.org
CONCORD, NH – The Board of Trustees of the New Hampshire Retirement System (NHRS, the retirement system) 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. The rate decrease, which varies between 3.75% and 8% depending on the member group, is largely the result of strong investment performance over the five-year period ending June 30, 2021.
The Board’s certification of the 2024-25 employer contribution rates – mandated under state law (RSA 100-A:16, III) – formalized the draft rates that were developed by GRS, the retirement system’s consulting actuary, in the biennial actuarial valuation for the year ending June 30, 2021. The new rates will take effect on July 1, 2023, which marks the start of the 2024 fiscal year.
The Board traditionally certified employer contribution rates at its September meeting, but has moved the rate certification earlier to assist employers that begin the budget development process in the summer.
The New Hampshire Constitution (Part I, Article 36-a) requires NHRS Trustees to set actuarially sound employer contribution rates and requires employers to annually pay those rates in full. Employer rates are calculated every two years to reflect the cost of benefits as they accrue as well as pay down existing unfunded liabilities.
Employer contribution rates for the State of New Hampshire and for political subdivision employers are available here.
Political subdivision rates (printable copy):
FY 2024-25 Contribution Rates-Political Subdivisions
State of New Hampshire rates (printable copy):
FY 2024-25 Contribution Rates-State of NH
In addition, NHRS has prepared answers to frequently asked questions on the new employer rates. The FAQ is available here.
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and more than 460 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,500 active members and 41,000 benefit recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
# # #