22-109E 22-109E . . . Employee Savings Plan (401(k) Plan) under which (a) participants make voluntary contributions through salary reductions, payroll deductions and/or cash payments, certain of which are matched in whole or in part by employer contributions and (b) such contributions are allocated to one or more investment funds in accordance with investment elections of each participant
New Hampshire Savings Plan for Employees
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How to fill out Savings Plan For Employees?
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FAQ
Service retirement pension benefits are calculated based on three factors: (1) years of creditable service; (2) Average Final Compensation (AFC) ? which is the average of a member's three or five highest-paid years (depending on vested status as of January 1, 2012) ? and; (3) a benefit factor that is different for ...
All of the forms and instructions required to initiate a withdrawal of accumulated contributions are available under the heading ?Refund Packet? in the member forms section of our website, .nhrs.org. You may also contact NHRS at 603-410-3500 or info@nhrs.org to request that the forms be sent to you by mail.
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). In most cases of full-time employment, membership in the retirement system is mandatory.
NHRS benefits are not intended to be your sole source of income. While almost all employees and teachers also participate in Social Security, all members should explore additional ways to save for retirement, including employer-sponsored supplemental retirement savings plans.
Breaking down benefit amounts by member group (Group I: Employee and Teacher; Group II: Police and Fire), the average annual pension benefit was: Employee: $15,005 (48.9% of pension recipients); Teacher: $23,173 (35.7%); Police: $39,189 (10.9%); Fire: $44,350 (4.4%). The average annual benefit overall was $21,862.
No state income tax: One of the most significant financial benefits of retiring in NH is that it does not levy a state income tax on wages or earned retirement income, such as pensions and Social Security benefits. This can lead to substantial savings for retirees.
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.
The New Hampshire Retirement System (NHRS, the retirement system) was established in 1967 as a contributory, defined benefit plan.
