Benefit payments are issued on a monthly basis via Electronic Direct Deposit or check.
December 30, 2016
January 31, 2017
February 28, 2017
March 31, 2017
April 28, 2017
May 31, 2017
June 30, 2017
July 31, 2017
August 31, 2017
September 29, 2017
October 31, 2017
November 30, 2017
December 29, 2017
Retirees may have their pension payments directly deposited in up to three bank accounts through Electronic Direct Deposit. With EDD, retirees’ funds are electronically transferred to their financial institution on the last business day of the month. EDD is the fastest and most secure way to receive pension payments.
Retirees may access a monthly "non-negotiable advice of deposit," which details their gross pension, any deductions, and net deposit via My Account, a secure, online portal where users can access their personal account information from any computer. Advices dating back to January 1, 1999, are available on My Account.
To sign up for EDD, download and send in an Electronic Direct Deposit (EDD) form. My Account users can also sign up for EDD or update their bank information online.
If a complete and accurate EDD form is received by the 15th of the month, direct deposit will be effective for benefit payments issued at the end of that month. The same deadline applies when changing an existing direct deposit to a different account or financial institution.
EDD is not yet available for banks outside of the United States.
Pension checks are mailed on the last business day of the month.
Retirees who do not receive their pension check by the second Tuesday of a month should contact NHRS.
The net monthly benefit payment may change as a result of one or more of the following factors:
Health Insurance Premiums: Retirees who have all or part of the cost of health insurance premiums deducted from the pension payment will experience a change in the net pension amount when there is a change in the health insurance premium amount. Premium amounts typically change annually in January or July, depending on the insurer.
Medical Subsidy Payments: Qualified retirees and beneficiaries/dependents who are eligible for the Medical Subsidy benefit may see a change in the pension amount upon becoming eligible for Medicare, at which point the Medical Subsidy will be reduced to the Medicare Supplemental rate on the first of the month in which the member, spouse or, other eligible dependent becomes Medicare eligible.
Income Tax Withholding: Changes in retirees’ Federal income tax withholding may occur when tax tables are updated annually by the IRS.
COLAs: Retirees may experience an increase in the pension amount when cost-of-living adjustments (COLAs) are granted by the Legislature.
Group I Reduction at Age 65: Group I retired (Employee and Teacher) members will experience a reduction in their pension amount at age 65, based on the formula used to calculate Group I Service, Early Service, and Vested Deferred Retirement. Members who retire with Split Benefits will also experience a reduction on only the Group I portion of their pension amount at age 65. Note: In all cases, pension benefits for Group I members who commenced NHRS-covered employment on or after July 1, 2011, will be calculated using the age 65 reduction formula.