For Immediate Release: October 18, 2019
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; [email protected]
CONCORD – The New Hampshire Retirement System (NHRS, the retirement system) provides a lifetime benefit to eligible members, however, the pension is only one component of a secure retirement. While the retirement system cannot provide individual financial planning advice, we encourage all of our members to take a proactive role in understanding their personal financial needs and preparing for their retirement.
October 20-26 is National Retirement Security Week, a cooperative effort to raise public awareness about the importance of saving for retirement. It’s a time for you to reflect on your personal retirement goals and determine if you are on target to reach those goals.
NHRS has added a section to our website – “The Bigger Picture” – that lists resources on retirement planning and overall financial literacy from governmental, non-profit, media, and public service entities. While the emphasis is on preparing for retirement, many of these links are relevant regardless of age. Among the topics covered are Social Security, supplemental retirement savings, health insurance/Medicare, protecting against scams, and resources for retirees.
Remember, your pension is only one component of a secure retirement. Most Group I members also participate in Social Security, and all members have the opportunity to participate in additional retirement savings vehicles, either individually, or, in many cases, through a supplemental defined contribution plan offered through their employer.
For instance, employees who work for the State of New Hampshire have the option to participate in the NH Public Employees 457(b) Deferred Compensation Plan, which state employees can learn more about at: www.nhdcp.com.
If you are not a state employee, you can check with your local personnel/HR contact to learn about what supplemental retirement savings vehicles may be available to you.
The bottom line is the more you can save today, the better positioned you will be for a secure retirement tomorrow.
Note: NHRS is not affiliated with the state deferred compensation plan, or any local defined contribution options. We do, however, encourage all of our members to take a proactive role in planning for retirement.
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 37,000 benefit 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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