For Immediate Release: September 13, 2016
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; firstname.lastname@example.org
CONCORD, NH – The Board of Trustees of the New Hampshire Retirement System (NHRS, the retirement system) certified employer contribution rates for fiscal years 2018 and 2019 at its meeting on September 13, 2016.
The Board’s action – mandated under state law (RSA 100-A:16, III.) – formalized the draft rates that were developed by Gabriel Roeder Smith & Company, the NHRS consulting actuary, in the biennial actuarial valuation for the year ending June 30, 2015.
The new rates take effect on July 1, 2017, which marks the start of the 2018 fiscal year.
The New Hampshire Constitution (Part I , Article 36-a) requires NHRS Trustees to set actuarially sound employer contribution rates and requires employers to annually pay those rates in full. Employer rates are calculated every two years to reflect the cost of benefits as they accrue as well as pay down existing unfunded liabilities.
NHRS has prepared answers to frequently asked questions on employer rates.
Employer contribution rates for the State of New Hampshire and for political subdivision employers are available on the NHRS website.
Printable rate notices are available at:
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 31,000 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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