For Immediate Release: June 27, 2018
Contact: [email protected]; (603) 410-3671
CONCORD, NH – Legislation enacted in 2018 will provide a one-time $500 payment to eligible retirees of the New Hampshire Retirement System (NHRS, the retirement system).
House Bill 1756 (Chapter 304, Laws of 2018) grants an additional allowance of $500 in fiscal year 2019 for retired members who meet all of the following criteria:
- The member retired with at least 20 years of creditable service;
- The member retired and has been receiving an allowance for at least 5 years prior to July 1, 2018;
- The annual retirement allowance of the member on June 30, 2018, is not greater than $30,000.
The law does not grant an allowance to beneficiaries of deceased members who are receiving a survivorship benefit.
The bill was signed by the Governor on June 25, 2018, and takes effect July 1, 2018.
The state will appropriate the funds for the additional allowances to the retirement system. NHRS is working to issue the payment to eligible retirees in a timely manner as soon as the funds are released by the state and the necessary programming of the NHRS pension database is complete. Please visit www.nhrs.org for updates.
The last additional allowance provided to any retirees was granted in 2012. The last compounded, cost-of-living adjustment was granted in 2010. The $500 payment granted in House Bill 1756 is a one-time payment and as such will not be added to a retiree’s base annuity.
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and nearly 470 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 35,000 pension 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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