The New Hampshire Retirement System realized a 1.0% return on investments in the fiscal year ended June 30, 2016.
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.
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 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.
As NHRS engages in employer audits, we continuously identify situations where payroll reported to the retirement system includes compensation elements which are not considered “earnable compensation” under 100-A:1, XVII. This can have significant repercussions to you as an employer, your employees, and your retirees.
In an effort to inform stakeholders and other interested parties, the retirement system has developed “NHRS … Now You Know,” a series of issue briefs designed to provide plain talk about some of the major topics concerning the retirement system.The latest issue brief, “Fiduciary: A word worth knowing,” deals with fiduciary responsibility.
NHRS realized a 3.5% return on investments in the fiscal year ended June 30, 2015. The three-year, five-year, 10-year, and 20-year returns for the periods ended June 30, 2015, were 11.7%, 11.6%, 6.9%, and 7.8%, respectively.
NHRS has developed as series of Interpretive Memoranda on a variety of subjects relating to the interpretation of its controlling statute, RSA 100-A. The memoranda are intended to serve as a guide for participating employers in administering the enrollment of members, reporting Earnable Compensation, and remitting contributions to NHRS.
At the New Hampshire Retirement System, the goal of regularly questioning what we do, and how we do it, is to become an even more efficient, customer-focused organization. Here is a quick look at a few of the things we’re doing to meet that challenge.
In an effort to inform stakeholders and other interested parties, the New Hampshire Retirement System has developed “NHRS … Now You Know,” a series of issue briefs designed to provide plain talk about some of the major topics concerning the retirement system. The latest issue brief, “Looking back to move forward,” deals with actuarial assumptions.
None of the nine bills related to the New Hampshire Retirement System introduced in 2015 were adopted by the New Hampshire Legislature.
NHRS has added a new page to its website listing approximately 325 terminated members who left service prior to 2008 and whom NHRS has been unable to locate to return their accumulated contributions.
NHRS recently deployed ZixCorp email encryption software to increase protection of personal information for members, beneficiaries, and employers.
Beginning in the fall of 2015, NHRS will discontinue mailing Member Annual Statements. The statements will be available online via My Account, the retirement system’s secure online portal. Click the read more link to see answers to some common questions concerning this transition.
NHRS has developed online validation tools to enable employers to determine the vested status of members as of December 31, 2011.
The New Hampshire Supreme Court released a unanimous decision earlier today upholding amendments to RSA 100-A – the law governing the New Hampshire Retirement System – enacted in 2007 and 2008 regarding cost-of-living adjustments (COLAs) and the definition of “earnable compensation.” As a result of the decision, the legislative changes remain in effect.
House Bill 1494, Chapter 183, Laws of 2014, made several changes to RSA 100-A to allow the New Hampshire Retirement System to administer the plan more effectively, primarily by clarifying statutory language and updating or eliminating out-of-date provisions. This release contains a summary and explanation of employer-related changes contained in the bill.
Federal regulations require the New Hampshire Retirement System to notify retirees and beneficiaries every year of their right to change their federal income tax withholding. The most recent Form W-4P filed with the retirement system automatically remains in effect, unless a new Form W-4P is filed.
The New Hampshire Supreme Court released a unanimous decision earlier today finding that New Hampshire Retirement System members do not have a contractual right to a fixed contribution rate. The decision reversed a lower court ruling that the July 1, 2011, increase to member contribution rates enacted in House Bill 2 (Chapter 224, Laws of 2011) violated the contract clause of the state and federal constitutions for “vested” members with 10 or more years of creditable service in the retirement system on or before the effective date of the contribution increase.
The New Hampshire Retirement System is issuing this notice to participating school employers to clarify the reporting of Earnable Compensation relating to certain stipends.