For Immediate Release: November 3, 2025
Contact: Rick Fabrizio, Director of Communications & Legislative Affairs, (603) 410-3594; public_relations@nhrs.org
CONCORD, NH – The New Hampshire Retirement System (NHRS, the retirement system) realized a 10.3% return on investments in the fiscal year ended June 30, 2025.
The annualized three-year, five-year, 10-year and 25-year returns for the period ended June 30, 2025, were 9.1%, 9.6%, 7.7% and 6.2%, respectively. All returns are net of fees. The retirement system’s assumed rate of investment return is 6.75%.
“This year’s strong return was strengthened in part by the Independent Investment Committee (IIC) and NHRS Investment Team’s work to diversify the retirement system’s portfolio to weather volatility and capitalize on potential higher returns offered by private equity, real estate and other alternative investments,” said Raynald Leveque, NHRS’ Chief Investment Officer.
At the close of fiscal year (FY) 2025, the retirement system’s unaudited trust fund assets were $13.3 billion, an increase of more than $1 billion from the prior fiscal year, which stood at $12.2 billion.
NHRS paid more than $1 billion in pension benefits in FY 2025 as it did in FY 2024. With close to 80% of NHRS’ retirees and beneficiaries living in-state, most of these retirement benefits support local economic activity. Over the past decade, NHRS trust fund assets have increased by nearly $6 billion, despite paying out more than $7.25 billion in pension and medical subsidy benefits over that same period.
NHRS’ investment decisions are always made solely in the interest of its participants and beneficiaries. The Board of Trustees, with research and input from NHRS investment staff, outside experts, and a recommendation from the IIC, sets an investment policy that includes asset allocation targets and ranges. The IIC continuously monitors and evaluates performance and makes determinations regarding the hiring and retention of fund managers.
NHRS Executive Director Jan Goodwin said NHRS has exceeded its 6.75% assumed rate of return for the past three fiscal years as part of its long-term investment strategy.
“We know we will see returns above and below our assumed rate of return in any given year,” Goodwin said. “We smooth results on a five-year rolling average so no single fiscal year is recognized all at once, which helps stabilize employer contribution rates.”
The 10.3% return trailed the total fund benchmark of 12.1%. NHRS has a diversified investment portfolio which, in any given year, can diverge from market indices.
Further information on NHRS’ investment performance is available at: https://www.nhrs.org/funding-and-investments/investments
Detailed FY 2025 financial and investment information will be included in the retirement system’s Annual Comprehensive Financial Report (ACFR) and Comprehensive Annual Investment Report (CAIR), both due out in December.
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 more than 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.
# # #