The plan is qualified under section 401(a) of the Internal Revenue Code, and provides lifetime pension benefits to eligible members, which are determined at retirement under formulas prescribed by state law (RSA 100-A).

[3] The retirement system is also governed by administrative rules,[4] policies adopted by the Board of Trustees,[2] and the Internal Revenue Code.

NHRS members are full-time state, county, and municipal employees, teachers, police officers, and firefighters.

Article 36-a of the New Hampshire Constitution protects trust fund assets for the exclusive purpose of providing benefits; requires Trustees to set actuarially sound employer contribution rates; and requires employers to pay those rates in full.

[6] NHRS is overseen by a 13-member board of trustees, which includes at least one teacher, one firefighter, one police officer, four members of the public, and the New Hampshire State Treasurer.