Depending on your department you may have different retirement plans. Check with your Department head if you are unsure which category you fall under.
Contributory Retirement System
The Contributory Retirement System is a public pension fund covering eligible regular full-time employees, elected and appointed officials who work at least 32 hours per week 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.
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.