NEW HAMPSHIRE RETIREMENT SYSTEM
The Granite State
Legislature Approved 4.0% COLA
The Fiscal Committee of the New Hampshire Legislature approved a 4.0% cost-of-living-adjustment (COLA) for all four membership classifications (employees, teachers, firefighters, and police officers), which will become effective July 1, 1998. NHRS members who retired on or before July 1, 1996 will see the permanent 4.0% increase in their pension checks by August, 1998. Over 11,000 retirees will receive this COLA.
No More Trips to The Bank
NHRS retired members can have their pension checks electronically transferred to their banks through Electronic Direct Deposit (EDD). This means that a retiree’s funds will be electronically deposited into his or her bank account on the last business day of each month. (Members who do not elect EDD do not have their pension money available to them on the last business day of the month, since they do not receive their pension checks in the mail until the first of the month or shortly thereafter, depending on postal deliveries.) EDD is a safe, efficient way for retirees to get their pension money, and there is no fee for the service. The retiree will receive a "non-negotiable advice of deposit" in the mail from NHRS, which details the retiree’s gross pension, any deductions, and net deposit.
Due to a "pre-note" stage (a trial run of the electronic transfer), individuals who elect EDD will always receive at least one pension check in the mail before electronic transfers to their account actually occur. Any changes, such as a new account number or cancellation of EDD services, will result in a return to the "pre-note" stage; therefore, a retired member who wishes to change banks or cancel EDD must notify NHRS at least one month prior to the date when the change is to take effect.
To escape the frustration and hassle of hand-carrying their pension checks to the bank, retirees should contact NHRS about EDD by calling (603) 271-3215 or (603) 271-3351, or they should write to: Annuity Division, NHRS, 4 Chenell Drive, Concord, NH 03301-8509. Members who are approaching retirement and are interested in the EDD service should ask a retirement counselor for assistance when they apply for their retirement benefits.