For Immediate Release: June 17, 2022
CONCORD, NH – Legislation enacted in 2022 will require the State of New Hampshire to reimburse 7.5 percent of local employer contributions to the New Hampshire Retirement System (NHRS, the retirement system) made in fiscal year 2022 for Group I teachers and Group II police and fire members.
House Bill 1221 directs NHRS to certify the amounts to be reimbursed to each employer based on actual payroll data from the fiscal year ending June 30, 2022, and provide the total amount to the state Treasurer. NHRS expects to have final FY 2022 employer-by-employer contribution data to provide to the state by October. The state will reimburse eligible employers directly.
Because the retirement system is not issuing the payments, NHRS cannot answer employer questions regarding accounting or financial reporting related to this legislation.
The bill was signed by the Governor on June 17, 2022, and takes effect July 1, 2022.
Note: HB 1221 also reduced the business profits tax and repeals RSA 100-A:16, II(c-1), a dormant section of the NHRS statute relative to employer contributions for fiscal year 2012. The full text of the bill is available at: http://www.gencourt.state.nh.us/bill_status/billinfo.aspx?id=1384&inflect=2
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 approximately 48,500 active members and 41,000 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.
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