The New Hampshire Loan Plan for Key Employees is a special financial program offered by the government of New Hampshire to provide loans and support for key employees working in the state. This unique initiative aims to attract and retain talented professionals who play a significant role in the growth and development of various industries in New Hampshire. The primary objective of the New Hampshire Loan Plan for Key Employees is to facilitate the purchase of homes within the state, encouraging employees to establish roots and contribute to the local economy. Through this program, eligible key employees are offered favorable loan terms and conditions, including low-interest rates and flexible repayment options, which make it easier for them to afford a home in New Hampshire. To qualify for the New Hampshire Loan Plan for Key Employees, individuals must meet specific criteria set by the state government. These requirements often include being a key employee in a high-demand profession or industry, such as healthcare, education, technology, manufacturing, or finance. Key employees are typically those who possess specialized skills, leadership capabilities, or contribute significantly to their respective fields. There are various types of New Hampshire Loan Plans for Key Employees, each tailored to cater to different employee groups and their specific needs. Some commonly known programs under this initiative include: 1. First-Time Homebuyer Loan Program: This program is designed specifically for key employees who are purchasing their first home in New Hampshire. It offers low down payment requirements, reduced closing costs, and attractive interest rates to make homeownership more accessible for first-time buyers. 2. Retention Assistance Program: As the name suggests, this program aims to incentivize key employees to stay in New Hampshire by providing financial assistance in the form of low-interest loans or outright grants. This program is often available to employees who have been offered enticing job opportunities outside the state, but find it challenging to relocate due to financial constraints. 3. Down Payment Assistance Program: This program assists key employees in financing their home's down payment, which is often a significant hurdle for many individuals. By offering favorable loan terms or down payment grants, this program enables employees to bridge the financial gap and proceed with their homeownership goals. 4. Student Loan Repayment Program: Some variations of the New Hampshire Loan Plan for Key Employees also include a student loan repayment assistance program. This aspect of the plan helps individuals repay a portion of their student loans, lessening their financial burden and allowing them to focus on homeownership. Overall, the New Hampshire Loan Plan for Key Employees is a comprehensive initiative that recognizes the importance of attracting and retaining valuable professionals in the state. By providing various types of loans and financial assistance, this program aims to create a supportive environment for key employees, enabling them to achieve the dream of homeownership and contribute to the economic growth and prosperity of New Hampshire.
New Hampshire Loan Plan for Key Employees
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You can pay off your loan online. Simply log in to your account at empowermyretirement.com and click on Account/Loans & Withdrawals/Loans.
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.
- You can borrow up to 50% of your account balance, not to exceed $50,000.00. There is a risk of lost savings. - You may lose money due to the cost of not making more money on your investments within the plan.
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.
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.
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.
Loans are processed within three to five business days and funds are sent out two business days after processing. Loan funds can be sent via direct deposit to your checking or savings account within two to three business days after processing.
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.