The New Hampshire Supplemental Retirement Plan (HSRP) is a retirement program designed to supplement the benefits received from the New Hampshire Retirement System (NHS). It provides participants with an additional avenue to save for retirement and increase their overall retirement income. The HSRP offers several types of plans to cater to the diverse needs and preferences of its members. One type of plan offered under HSRP is the Defined Contribution Plan. This plan allows employees to contribute a portion of their salary on a pre-tax basis, which is then invested in various investment options. The contributions made by the employee, along with any investment gains or losses, determine the retirement benefit received from this plan. The Defined Contribution Plan provides individuals with flexibility and control over their retirement savings, as they can choose from a range of investment options based on their risk tolerance and investment goals. The HSRP also offers a Deferred Compensation Plan, which is a tax-deferred retirement savings plan. Participants can contribute a portion of their salary on a pre-tax basis, reducing their current taxable income. The contributions grow tax-deferred until retirement, at which point they can be withdrawn. This plan is particularly beneficial for individuals who expect to be in a lower tax bracket during retirement. Additionally, the HSRP includes a Hybrid Plan, which combines elements of both a defined benefit plan and a defined contribution plan. The Hybrid Plan offers a guaranteed retirement benefit based on an individual's years of service, while also providing an opportunity for additional savings through a defined contribution component. This plan aims to strike a balance between the security of a defined benefit and the flexibility of a defined contribution plan. Overall, the New Hampshire Supplemental Retirement Plan (HSRP) is an essential retirement savings program that complements the benefits provided by the New Hampshire Retirement System. It offers various plan options to meet the diverse needs and preferences of its members, including the Defined Contribution Plan, Deferred Compensation Plan, and Hybrid Plan. By participating in HSRP, individuals can boost their retirement income and secure a financially stable future.
New Hampshire Supplemental Retirement Plan
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The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
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). There are multiple Tiers in each group, based on vested date and/or hire date.
Group I (Employee and Teacher) members contribute 7 percent of their salary to the retirement system. Group II (Police and Fire) members contribute 11.55 percent and 11.80 percent, respectively. Note: Police and Fire members are not eligible for Social Security.
457(b) plans are generally available for state and local government employees, as well as certain tax-exempt nonprofits. These plans are very similar to other types of employer-offered retirement accounts. Employees can make contributions up to the annual limit, invest these funds, and grow their retirement nest egg.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
To enroll in the 457(b) deferred compensation plan, you must be an eligible faculty or administrative staff employee with eligible earnings of more than $257,000 in 2023 for 2024 participation. Employees hired in 2024 must be hired with a scheduled annual compensation over $257,000 for 2024 participation.
The NH 457(B) plan allows you to save for retirement, in addition to the NHRS pension and Social Security (if eligible) on a tax-deferred or Roth basis.
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.