For Immediate Release: March 16, 2020
Contact: [email protected]
CONCORD, NH – 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 retirees and beneficiaries. In other words, your pension is safe and secure.
Additionally, the recent financial market conditions do not affect members approaching retirement because NHRS is a defined benefit plan, which means pension benefits are based on a statutory formula, not on day-to-day market outcomes.
NHRS is a long-term investor, with a well-diversified portfolio of assets. We continue to monitor global financial markets closely, but do not anticipate taking any short-term action. The portfolio is designed to take advantage of rising investment markets while also withstanding periodic market downturns. Our goal is to meet or exceed our assumed rate of return over the long-term, i.e. 20 to 30 years or more.
NHRS is closely monitoring COVID-19 news and we are in regular communication with state health officials. The situation remains fluid, so please check our website, www.nhrs.org, for updates on retirement system operations. Email subscribers will also receive updates from NHRS. If you are not an email subscriber, you can sign up at: https://www.nhrs.org/sign-up.
Consult primary sources for information on COVID-19:
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and more than 460 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and more than 38,000 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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