For Immediate Release: February 1, 2018
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; [email protected]
CONCORD, NH – A statutory commission charged with reviewing and making recommendations to ensure the long-term viability of the New Hampshire Retirement System (NHRS, the retirement system) issued its final report in January.
The report is available here.
The commission consisted of 17 members, including legislators, public experts, members, employers, retirees, and the chair of the NHRS Board of Trustees. The commission was chaired by former state Rep. David Hess. The vice-chairs were Sen. Sharon Carson and Linda Hodgdon, the former commissioner of the Department of Administrative Services.
In the course of its work, the Decennial Commission heard from representatives of member, retiree, and employer organizations, NHRS staff, and outside experts on public pension policy and funding.
The commission also hired an independent third party – the Center for Retirement Research (CRR) at Boston College – to review NHRS’ past and future funding progress and provide recommendations. The Boston College-CRR report – which is included as an appendix in the final commission report – found that despite its below-average funded status (currently 61.8%), NHRS “costs are low in comparison to the national average” and its current actuarial assumptions “are more conservative than most public plans.”
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 35,000 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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