Board of Trustees

The members of the New Hampshire Retirement System Board of Trustees are appointed and serve pursuant to RSA 100-A:14.

NHRS is not a state agency under the executive branch; it is a component unit of the state governed by statute and overseen by the Board of Trustees. Trustees are fiduciaries bound by law to act solely in the interest of the participants and beneficiaries of the pension plan.

NHRS is administered by a 13-member Board of Trustees that includes one employee member, one teacher member, one firefighter member, one police officer member, four employer representatives, four public members, and the State Treasurer.

All trustees – with the exception of the State Treasurer, who serves ex officio – are nominated by the governor for three-year terms and must be confirmed by a vote of the Executive Council.  Any newly appointed or reappointed trustee must have familiarity with or experience in finance or business management.

The governor is responsible to designate one of the public trustees to serve as chair of the board.

NHRS Board of Trustees Governance Manual

Board Members


Richard Gustafson, Ph.D.
Public member 

 NHRSLogo2007 2018

Robert Maloney

Public member


Maureen Kelliher

Public member

 Lesko_Tim Timothy Lesko

Public member

 NHRSLogo2007 2018

Melvin Friese

Employee Member


George Walker

Fire Member

William Hart

William Hart

Police Member


Sue Hannan

Teacher Member


Donald M. Roy

Employer Member
NH School Boards Association


Scott Myers 

Employer Member
NH Municipal Association


Christopher Coates

Employer Member
NH Association of Counties

 Milligan 2011 Portrait

Michael Milligan 

Employer Member
State of NH


Bill Dwyer

State Treasurer

Board Committees

  • Audit: Dwyer (chair), Friese, Kelliher, Lesko
  • Benefits: Walker (chair), Friese, Hart, Roy
  • Governance: Roy (chair), Dwyer, Gustafson, Hannan, Maloney
  • Legislative: Myers (chair), Gustafson, Hannan, Maloney, Milligan
  • Personnel, Performance and Compensation: Hart (chair), Gustafson, Milligan, Myers, Walker

Board Public Materials

FileTypeSizeUploaded onDownload
Board Public Materials - September 2018PDF9.99 MB07 Sep, 2018 Download
Public Board Materials - August 2018PDF6.11 MB10 Aug, 2018 Download
Public Board Materials - July 2018PDF5.20 MB09 Jul, 2018 Download