NHRS has again been recognized by the Government Finance Officers Association of the United States and Canada for its annual financial reports.
The Fiscal Year 2019 Member Annual Statements for all NHRS members who are not yet retired have been posted to My Account, the retirement system’s secure online portal.
Six bills related to RSA 100-A were enacted by the New Hampshire Legislature during the 2019 session and signed into law by the Governor.
House Bill 616 grants a one-time, 1.5% COLA on the first $50,000 of an annual pension benefit to members who retired on or before July 1, 2014, or any beneficiary of such member who is receiving a survivorship pension benefit. The COLA will take effect on the retired member’s first anniversary date of retirement occurring after July 1, 2020.
House Bill 468 adds annual attendance stipends or bonuses to the definition of earnable compensation for all members and also enables wages paid to full-time Community College System of New Hampshire (CCSNH) faculty for teaching summer courses to be included as earnable compensation. Both changes are effective September 10, 2019.
Benjamin Jean was recently appointed to the NHRS Board of Trustees as an employer member representing the state.
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, “Separating myth from reality,” is now available.
House Bill 675 modified the statutory cost calculation methodologies for the purchase of NHRS service credit for active service in the armed forces prior to NHRS membership and in cases of employer enrollment oversight.
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, “Different roles, different responsibilities,” is now available.
Six bills related to NHRS have been passed by the N.H. House of Representatives in the current legislative session and have crossed over to the N.H. Senate for further action. In addition, one bill was passed by the Senate and sent to the House.
Pursuant to RSA 100-A:14, XII, the New Hampshire Retirement System (NHRS, the retirement system) is issuing this notice to inform NHRS participating employers about 2019 legislation that may have a cost impact on political subdivision employers.
NHRS has extended the monthly deadline for submission of employer contribution payments. Beginning in January, contribution payments will be due to NHRS by the 25th of the month. Submission of employer data reports will remain due by the 15th of the month.
NHRS has released reports for Fiscal Year 2018 related to Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75.
Legislation that took effect January 1, 2019, changed the laws governing New Hampshire Retirement System (NHRS, the retirement system) retirees working in a part-time position for retirement system participating employers.
Financial report, summary financial report, and investment report available online.
NHRS has released written instructions on how to set “grandfathered” retirees in the Data Reporting System (DRS) beginning in January.
The New Hampshire Retirement System member interest rate for calendar year 2019 will be 5.25 percent.
Legislation passed in 2018 will change the laws governing NHRS retirees working in a part-time position for retirement system participating employers. There is a “grandfathering” provision contained in the law that allows retirees who are working part-time for NHRS-participating employers on the effective date of the law – January 1, 2019 – to work a maximum of 1,664 hours per calendar year for as long as they remain with the employer in the position they held on the effective date of the bill.
NHRS is in the process of creating an online format to document grandfathered retirees. The grandfathering portal will not be available until after January 1, 2019.
A letter from the Executive Director: It has been some time since I shared an open letter with our members, retirees, beneficiaries, and other stakeholders. With the conclusion of the Decennial Commission in January 2018, and of our most recent fiscal year on June 30, I thought a look back at the significant changes made to NHRS over the past 10-plus years would be worthwhile. Overall, the retirement system is in a much better position today than it was a decade ago, however, our journey is far from over.
NHRS realized an 8.9% return on investments in the fiscal year ended June 30, 2018, outperforming the Total Fund benchmark return of 7.8% and the retirement system’s assumed rate of investment return of 7.25%. At the close of the fiscal year, the retirement system’s unaudited net position held in trust was $8.87 billion, an increase of $581 million over the prior fiscal year.