For Immediate Release: November 8, 2019
Contact: Gerard Murphy, Director of Finance, (603) 410-3656; [email protected]
CONCORD, NH – NHRS has partnered with Citizens Bank to create “NHRS QuickPay,” an online bill pay service to facilitate the submission of employer contributions via ACH (Automated Clearing House) at no cost to participating employers.
ACH, an electronic network for financial transactions, is the quickest, safest, and most cost-effective way to send payments to the retirement system. Step-by-step instructions and a link to NHRS QuickPay are available at: https://www.nhrs.org/employers/employer-resources
“Some employers already submit monthly payments via ACH, but others have told us that the setup and/or transaction cost were roadblocks,” said Gerard Murphy, NHRS Director of Finance. “We partnered with our bank to set up NHRS QuickPay to make it easier for all employers to take advantage of this service.”
The retirement system ran a successful test of NHRS QuickPay in October with several participating employers. All employers are invited to try this service beginning with their November contributions, which are due no later than the 25th of the month.
Benefits to the employer 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.
- ACH payments are more secure than checks because bank account and ABA numbers are entered into a secure system and encrypted.
- Eliminate potential mail delivery issues that could result in late payment penalties; payment status can be tracked more efficiently.
- ACH payments do not require humans to read digits and/or OCR software to electronically read handwriting, which results in lower error rates.
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.
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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