For Immediate Release: June 25, 2020
Contact: Gerard Murphy, NHRS Director of Finance, [email protected] or (603) 410-3656
Following the successful implementation of NHRS QuickPay, the online bill pay service to facilitate the submission of employer contributions via ACH (Automated Clearing House), effective on July 1, 2021, the retirement system will discontinue its lockbox service as an option for employers to submit monthly contribution payments.
NHRS offers QuickPay at no cost to participating employers. By replacing lockbox services with payments made via QuickPay, Employers can assure improved timeliness, safety, security, and cost-effectiveness of payments made to the retirement system.
Employers will have a full year to make the switch to NHRS QuickPay or an alternative ACH payment method. Employers are encouraged to make the transition as early as possible over the course of the year in order to ensure the new process is in place without any issues on July 1, 2021.
Benefits to NHRS participating employers of using QuickPay ACH payments include:
• Cost savings by not printing and mailing checks.
• Better cash management – you can set a pre-established effective date when the payment leaves your bank and the funds are remitted to NHRS the same day.
• Greater security because with QuickPay, bank account and ABA numbers are entered into a secure system and encrypted.
• Elimination of potential mail delivery issues that could result in late payment penalties; payment status can be tracked more efficiently.
• Lower error rates, since ACH payments do not require humans to read digits and/or OCR software to electronically read handwriting, which is required to process checks.
Step-by-step instructions and a link to NHRS QuickPay are available at: https://www.nhrs.org/employers/employer-resources/nhrs-quickpay
Employers already using NHRS QuickPay or making ACH payments through their own banking partners will not be impacted by this change. If you have any questions about NHRS QuickPay, please contact Gerard Murphy, NHRS Director of Finance at [email protected] or (603) 410-3656.
Note: If your bank account has a debit block or another similar security feature, please contact your bank to make the necessary arrangements to allow this payment to be processed from your account. For additional information on this process, see the instructions linked above.