19.
Retirement System
New Hampshire Retirement System
The City follows the provisions of GASB Statement No. 68, Accounting and Financial
Reporting for Pensions — an amendment of GASB Statement No. 27, with respect to the
State of New Hampshire Retirement System (NHRS).
The following pension disclosures for the New Hampshire Retirement System pension plan
are based upon an actuarial valuation performed as of June 30, 2019, using a measurement
date of June 30, 2020.
Plan Description
Full-time employees participate in the New Hampshire Retirement System (NHRS), a cost-
sharing, multiple-employer defined benefit contributory pension plan and trust established
in 1967 by RSA 100-A:2 and qualified as a tax-exempt organization under Sections 401 (a)
and 501(a) of the Internal Revenue Code. The plan is a contributory, defined benefit plan
providing service, disability, death, and vested retirement benefits to members and their
beneficiaries. Substantially all full-time state employees, public school teachers and
administrators, permanent firefighters, and permanent police officers within the State of New
Hampshire are eligible and required to participate in the system. Full-time employees of
political subdivisions, including counties, municipalities, and school districts, are also
eligible to participate as a group if the governing body of the political subdivision has
elected participation.
The New Hampshire Retirement System, a Public Employees Retirement System (PERS),
is divided into two membership groups. State or local employees and teachers belong to Group
I, Police officers and firefighters belong to Group J. All assets are held in a single trust and
are available to each group. Additional information is disclosed in the NHRS annual! report
publicly available from the New Hampshire Retirement System located at 54 Regional Drive,
Concord, New Hampshire 03301-8507 or from their website at www.nhrs.org.
Benefits Provided
Group | benefits are provided based on creditable service and average final salary for the
highest of either three or five years, depending on when service commenced.
Group II benefits are provided based on age, years of creditable service, and a benefit
multiplier depending on vesting status as of January 1, 20!2. The maximum retirement
allowance for Group II members vested by January 1, 2012 (45 years of age with 20 years
of service or age 60 regardless of years of creditable service) is the average final
compensation multiplied by 2.5% multiplied by creditable service. For Group II members
not vested by January 1, 2012, the benefit is calculated the same way but the multiplier
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