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NEW
HAMPSHIRE RETIREMENT UPDATE
Additional
Contributions
DID
YOU KNOW...
that, between July 1, 2004 and December 31, 2004 , over 12,000 members
filed requests to deposit additional contributions in response to
the Legislature's action repealing the New Hampshire Retirement
System's voluntary additional contribution program? This is nearly
40 times the usual 300 deposit requests NHRS would receive during
a six month period.
Under the new law (Chapter 216.2), only those members who applied
before December 31, 2004 can contribute extra money to the NHRS,
separate from their regular, mandatory contributions, for the purpose
of funding an additional annuity.
The NHRS' goal of providing timely and personalized service to those
members who have submitted requests to deposit additional contributions
is greatly strained as a result of this recent change in the law.
In an effort to meet the challenge of processing such a high volume
of requests, the NHRS has initiated a plan to prioritize requests
by expected dates of retirement. Members who anticipate retiring
prior to 2007 have already received eligibility notices along with
an actuary's statement indicating the amount of additional contributions
needed to fund an additional annuity to reach their retirement goals.
The NHRS will continue to process member requests by anticipated
date of retirement while investigating opportunities to improve
our response time. In the meantime, NHRS staff appreciates your
patience during this challenging period.
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