The New Hampshire Supreme Court released a unanimous decision yesterday that upheld several changes to NHRS benefit provisions enacted by the Legislature in 2011.
The New Hampshire Retirement System realized a 1.0% return on investments in the fiscal year ended June 30, 2016.
The NHRS Board of Trustees has certified employer contribution rates for fiscal years 2018 and 2019. The Board’s action – mandated under state law (RSA 100-A:16, III.) – formalized the draft rates that were developed by Gabriel Roeder Smith & Company, the NHRS consulting actuary, in the biennial actuarial valuation for the year ending June 30, 2015. The new rates take effect on July 1, 2017, which marks the start of the 2018 fiscal year.
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.
The NHRS member interest rate for calendar year 2016 will be 1.5 percent, per statute.This interest rate is applied to a member’s accumulated contributions on an annual basis.
As part of its ongoing educational efforts related to the implementation of new accounting and financial reporting changes mandated by the Governmental Accounting Standards Board (GASB), NHRS has prepared a brief overview intended to answer some of the common questions participating employers have posed to the retirement system in recent months.
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.
Pursuant to RSA 100-A:14, XII, the New Hampshire Retirement System is issuing this notice to inform NHRS participating employers about legislation that may have a cost impact on political subdivision employers.