Jan Goodwin, executive director of the New Hampshire Retirement System, presented the system’s fiscal and investment status to the House Executive Departments and Administration Committee and answered members’ questions about amortization, employer rates and the plan’s investment approach.

“As of June 30, 2024, we had $12,300,000,000 in investments. As of the end of November, we had $12,600,000,000 in investments,” Goodwin told the committee, reporting the fund’s recent asset values and noting that investment returns historically supply the majority of pension funding.

Why it matters: NHRS pays retirement, disability, death benefits and a post‑retirement medical subsidy to public employees and their beneficiaries. In fiscal 2024 NHRS paid about $1 billion in pension benefits and roughly $40 million in post‑retirement medical subsidy, most of which goes to New Hampshire residents and supports local economies across counties, Goodwin said.

Main updates and figures presented:
- Fund size and recent performance: $12.3 billion (June 30, 2024) and $12.6 billion (end of November 2024). Net returns over 1/3/5/10/25‑year horizons were shown as positive and generally above peers in multiple periods.
- Unfunded actuarial liability (UAL): Goodwin said the current UAL is about $5,600,000,000 and walked members through the 2010 30‑year amortization that began after a large funding shortfall; gains/losses after 2017 are amortized on closed 20‑year schedules.
- Actuarial assumption: the board and actuary kept the assumed rate of return at 6.75% after the 2023 experience study; Goodwin said the plan also is conducting an actuarial audit this year as a best practice.
- Employer contribution rates: because of recent strong investment performance the trustees certified lower employer contribution rates for the next biennium; NHRS staff said most of employer contributions continue to go toward amortizing the UAL (roughly 77–84% of employer contributions depending on the group).
- Membership and benefits: NHRS covers about 468 participating employers and divides members into Group 1 (employees and teachers) and Group 2 (police and fire). About two‑thirds of retirees receive benefits under $25,000 a year.
- Investments and strategy: Chief Investment Officer Reynald Leveque described a diversified, long‑horizon portfolio and recent tactical changes including an updated strategic asset allocation that adds infrastructure and private credit. “We take a long term approach, 25 years is horizon,” Leveque said. Alternatives in the portfolio include private equity, private credit and real estate, with infrastructure identified as a new allocation target.
- Real estate decision: the NHRS board approved purchase (not lease) of a three‑story, 32,000‑square‑foot building near Horseshoe Pond in Concord for $5,000,000; staff reported due diligence with no material exceptions and an expected closing in March 2026.

Questions from committee members addressed normal cost comparisons with Social Security, the amortization timeline, and monitoring of underperforming strategies. Leveque said public‑market managers have short termination windows and private‑market commitments are longer (typical fund lifecycles), so manager monitoring and portfolio adjustments are ongoing. Goodwin and staff said they plan continued transparency, quarterly dashboards on the website and an ongoing actuarial audit.

Ending: NHRS staff will return for pension subcommittee hearings on pending bills; the system’s trustees, actuary and investment officers emphasized that progress has been steady on reducing the UAL and preserving the plan’s qualified tax status under the Internal Revenue Code.