Your retirement plan options may vary based on your department. If you’re unsure which plan applies to you, please consult your Department Head or Pay Clerk.
Resources
Contributory Retirement System
The Contributory Retirement System is a public pension fund covering eligible full-time employees (working 32 hours or more per week), elected and appointed officials who for the City. The Contributory Retirement System is a defined benefit plan qualified as tax exempt under Section 401(a) of the Internal Revenue Code. Contributions are established by referendum: the current rate is 5% annually. Employees are vested in the plan after five years of service. The amount of the retirement benefit is based on the member's years of service, age, and higher average salary over a three year period within the last ten years of employment with the City.
State Retirement System
Eligible uniformed Police and Fire employees are enrolled in the State of New Hampshire Retirement System (NHRS). The NHRS is a public employee pension plan qualified as a tax exempt organization under Section 401(a) and 501((a) of the Internal Revenue Code. It provides retirement, disability, and death protection to its members and their beneficiaries. Contributions vary on an annual basis. The current rate is 9.3% of annual gross income. Retirement benefits are specifically determined by a formula, which considers two variables: a member's salary credit and a member's service credit.
Deferred Compensation
The City offers a Deferred Compensation plan for employee savings and retirement planning. The program is offered through the City’s deferred comp carrier. The program is offered on a pre-tax basis.
For more information, please contact the Human Resources Office.