21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
New Hampshire Supplemental Retirement Plan
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The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
Retirement system members are state, county and municipal employees, teachers, police officers, and firefighters. The membership consists of two groups, Group I (Employee and Teacher) and Group II (Police and Fire). There are multiple Tiers in each group, based on vested date and/or hire date.
Group I (Employee and Teacher) members contribute 7 percent of their salary to the retirement system. Group II (Police and Fire) members contribute 11.55 percent and 11.80 percent, respectively. Note: Police and Fire members are not eligible for Social Security.
457(b) plans are generally available for state and local government employees, as well as certain tax-exempt nonprofits. These plans are very similar to other types of employer-offered retirement accounts. Employees can make contributions up to the annual limit, invest these funds, and grow their retirement nest egg.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
To enroll in the 457(b) deferred compensation plan, you must be an eligible faculty or administrative staff employee with eligible earnings of more than $257,000 in 2023 for 2024 participation. Employees hired in 2024 must be hired with a scheduled annual compensation over $257,000 for 2024 participation.
The NH 457(B) plan allows you to save for retirement, in addition to the NHRS pension and Social Security (if eligible) on a tax-deferred or Roth basis.
NHRS is a public employee defined benefit plan providing retirement, disability, and death benefits to eligible members and their beneficiaries. Eligible members can receive a lifetime pension at retirement. The benefit is calculated based on service time and average salary using formulas outlined in state law.
