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Benefits May 10, 2011
Amidst Retirement Exodus, NH Answers Questions on Legislation
May 10, 2011 (PLANSPONSOR.com) - The New Hampshire Retirement System (NHRS) has updated its Web site to answer inquiries about pending legislation and to correct misinformation about the financial status and overall funding of the retirement system.
Reported by Rebecca Moore
According to a press release, in addition to a high volume of inquiries regarding legislation, NHRS is also experiencing an increase in the number of retirement-eligible members in both Group I (Employee and Teacher) and Group II (Police and Fire) seeking benefit estimates and filing retirement applications. Currently, 500 members have filed applications to retire on June 1, 2011. If all members who filed applications actually retire, it would represent a 455% increase over June, 2010, retirements.
“Many members are telling NHRS staff that uncertainty involving pending legislation is what’s leading them to apply for retirement,” said Kim France, the retirement system’s interim Executive Director, in the announcement. “We’re also hearing that members and retirees are concerned the retirement system will become bankrupt if immediate changes aren’t made. That is not true. The retirement system is solvent and will continue to pay benefits.”
France added: “While the retirement system cannot predict the eventual outcome of the legislative session, we are able to help members by explaining a number of procedural issues and also clarifying some of the incorrect or incomplete information that is out there.”
The FAQs can be accessed at http://www.nhrs.org/News/LegUpdates.aspx.