For Immediate Release: April 26, 2024
Contact: info@nhrs.org; (603) 410-3500, Press 2
CONCORD, NH – Eligible retirees and beneficiaries who are receiving a retirement benefit from the New Hampshire Retirement System (NHRS, the retirement system) will receive an additional one-time $500 payment in April.
House Bill 2 (Chapter 79, Laws of 2023, Sections 344-345), granted a one-time allowance of $500 in fiscal year 2024 for more than 14,000 annuitants who met all the following criteria:
- The member’s retirement date is on or before July 1, 2018.
- The member retired with at least 20 years of creditable service.
- The annual retirement benefit paid to the member or beneficiary as of June 30, 2023, is not greater than $40,000.
NHRS will issue this allowance to eligible retirees and beneficiaries on April 30, 2024, as a separate, stand-alone payment. NHRS will send the one-time $500 allowance through the U.S. Postal Service if the retiree does not have electronic direct deposit.
A 10 percent tax rate will be withheld for those retirees who have taxes withheld from their regular monthly benefit.
This $500 allowance is a one-time supplemental payment and additional legislation would need to be enacted to provide future allowances or cost-of-living adjustments.
For additional information, see our frequently asked questions at:
https://www.nhrs.org/faqs/faq-2023-$500-retiree-payment
About NHRS
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 43,500 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.
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