New Hampshire Retirement System

The New Hampshire Retirement System (NHRS) is a contributory, public employee defined benefit pension plan for the state of New Hampshire. The plan is qualified under section 401(a) of the Internal Revenue Code, and provides lifetime pension benefits to eligible members, which are determined at retirement under formulas prescribed by state law (RSA 100-A).[1] The retirement system is also governed by administrative rules,[2] policies adopted by the Board of Trustees,[3] and the Internal Revenue Code.

New Hampshire Retirement System
Agency overview
FormedJuly 1, 1967
HeadquartersConcord, New Hampshire
Websitehttps://www.nhrs.org/

Membership

NHRS members are full-time state, county, and municipal employees, teachers, police officers, and firefighters. Membership consists of two groups: Group I (Employee & Teacher) and Group II (Police & Fire).

As of June 30, 2017, NHRS had approximately 48,000 active members and approximately 36,000 retirees or beneficiaries collecting a pension.[4]

Funding

NHRS benefits are funded by member contributions, employer contributions, and net investment returns. Investment returns have historically provided the bulk of funding for pension benefits. Article 36-a of the New Hampshire Constitution protects trust fund assets for the exclusive purpose of providing benefits; requires Trustees to set actuarially sound employer contribution rates; and requires employers to pay those rates in full.

The retirement system trust fund stood at $8.29 billion as of June 30, 2017.[5]

References
  1. "CHAPTER 100-A NEW HAMPSHIRE RETIREMENT SYSTEM". www.gencourt.state.nh.us. Retrieved 2018-05-03.
  2. "TABLE OF CONTENTS". www.gencourt.state.nh.us. Retrieved 2018-05-03.
  3. "Board of Trustees". www.nhrs.org. Retrieved 2018-05-03.
  4. "Reports & Valuations". www.nhrs.org. Retrieved 2018-05-03.
  5. "Trust Fund". www.nhrs.org. Retrieved 2018-05-03.



This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.