NHRS has again been recognized by the Government Finance Officers Association of the United States and Canada for its annual financial reports.
NHRS realized a 1.1% return on investments in the fiscal year ended June 30, 2020. The three-year, five-year, 10-year, 20-year, and 25-year returns for the periods ended June 30, 2020, were 5.2%, 5.9%, 8.7%, 5.4%, and 7.5%, respectively. All returns are net of fees. The retirement system’s assumed rate of investment return is 6.75%.
Beginning in March, I have been providing periodic stakeholder messages on how NHRS is handling the ongoing challenges presented by the COVID-19 pandemic.
The intent of these communications is to provide assurances that the retirement system is committed and able to fulfil its mission statement, “To provide secure retirement benefits and superior service,” while also protecting the well-being and safety of our members and our staff.
Executive Director George P. Lagos will retire from NHRS effective March 1, 2021, after leading the retirement system for nine years.
The Fiscal Year 2020 Member Annual Statements for all New Hampshire Retirement System members who are not yet retired have been posted to My Account, the retirement system’s secure online portal.
The NHRS Board of Trustees certified employer contribution rates for fiscal years 2022 and 2023 at its regular meeting on September 8, 2020.
NHRS responds to a recently received inquiry regarding the membership eligibility of retired teachers who are willing to sign contracts to teach as long-term, full-time substitutes for the 2020-21 school year.
Since the outset of the coronavirus outbreak, NHRS has remained focused on our mission statement, “To provide secure retirement benefits and superior service,” as well as on protecting the well-being and safety of our members and staff.
The NHRS Board of Trustees voted to adopt revised actuarial assumptions based on the results of a four-year experience study conducted by its consulting actuary. In an accompanying vote, the Board voted to reduce the retirement system’s investment assumption, lowering the assumed rate of return from 7.25 percent to 6.75 percent.
Timothy Lesko of Hopkinton was recently appointed to chair the New Hampshire Retirement System Board of Trustees.
Governor Sununu issued an executive order effective April 24, 2020, that waived the 28-day separation from service for new retirees for the duration of the current state of emergency and any subsequent extensions.
The Executive Director provides an update on where NHRS stands as the state begins to re-open and we slowly begin to move into a new phase of the COVID-19 outbreak.
Over the past seven years, Dr. Dick Gustafson has led the Board in overseeing the operation of one of the state’s largest financial institutions, with over $9 billion in assets, 465 participating public employers, and 100,000 members, retirees, and beneficiaries. Having completed his latest term on the Board last summer, Dr. Gustafson has recently stepped down after continuing for several months in holdover status.
Two new members recently joined the Board of Trustees of the New Hampshire Retirement System.
The unfolding coronavirus (COVID-19) pandemic has caused unprecedented disruptions on a worldwide scale. I am writing to update stakeholders on how NHRS is addressing the challenges it faces.
Under state law, any hours worked by NHRS retirees for participating employers during a governor-declared state of emergency do not count toward the annual limits on retiree work hours. Gov. Sununu declared a state of emergency in New Hampshire effective at 5:15 p.m. on Friday, March 13, 2020. A state of emergency declaration automatically expires in 21 days unless renewed.
In response to the coronavirus (COVID-19) outbreak, the retirement system has closed its office to visitors until further notice. Normal business operations are continuing and benefits will continue to be paid on schedule.
While the economic fallout from the coronavirus (COVID-19) pandemic is concerning, it does not impact the ability of the New Hampshire Retirement System (NHRS) to meet its benefit obligations to our retirees and beneficiaries. In other words, your pension is safe and secure.
NHRS has released reports for Fiscal Year 2019 related to Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75.
The NHRS Board of Trustees voted unanimously in December to initiate an actuarial experience study for the fiscal years 2016-19 period.