Mar 21, 2017
The NHRS audit team works with participating employers to ensure that required information is provided to the retirement system in a manner consistent with the law. Because of various legislative changes to the pension plan in recent years, particularly changes to the definition of earnable compensation, a number of common issues are appearing in employer audits. NHRS encourages all employers to review the following list of common audit findings to ensure they are in compliance with the statute.
Mar 17, 2017
During the course of recent employer compliance audits, it was discovered that some employers are still not using the Compensation Over Base field when reporting member compensation through the NHRS Data Reporting System (DRS).
Effective January 1, 2012, employers have been required to report certain compensation in the Compensation Over Base field.
Mar 10, 2017
NHRS has posted a revised version of Interpretive Memorandum 2013-3 regarding Extra and Special Duty Pay (ESDP).
Jan 27, 2017
As a part of its ongoing effort to help educate its members about retirement, the New Hampshire Retirement System has created an online presentation and FAQ for new members called “Learning About Your Retirement Plan.”
Dec 16, 2016
This fall, NHRS re-vamped its Mission, Vision and Values statement. The core commitments didn’t change, but the new version is more concise, memorable, and forward-focused. A poster-size copy signed by the entire staff is now hanging in our reception area.
Nov 14, 2016
Employers who use the New Hampshire Retirement System’s (NHRS) Data Reporting System (DRS) are now able to reset their password without calling the NHRS office for assistance.
Aug 15, 2016
NHRS is aware of an increase in situations where participating employers are using shared or loaned employees. Fiscal and workforce challenges have caused some employers to seek innovative solutions to their staffing needs. This includes the utilization of one person to provide services to two or more employers. These arrangements may be structured in several ways and NHRS is still evaluating what, if any, impact this may have with respect to NHRS administration on such matters as enrollment, participation, creditable service, and “earnable compensation.” In the meantime, we strongly encourage participating employers to call NHRS for guidance when contemplating the implementation of such arrangements as any impact regarding NHRS administration is “fact specific” on a case-by-case basis.
Jul 19, 2016
NHRS has released a new Interpretive Memorandum providing guidance on how Service Credit is awarded and Earnable Compensation is calculated for members who receive compensation under an employer-sponsored salary continuance plan.
Dec 30, 2015
As the New Hampshire Retirement System engages in employer audits, we continuously identify situations where payroll reported to NHRS includes compensation elements which are not considered “earnable compensation” under 100-A:1, XVII. This can have significant repercussions to you as an employer, your employees, and your retirees.