Bar News - September 8, 2006
Judicial Pension Plan Issues 1st Annual Report
The New Hampshire Judicial Retirement Plan, created as a contributory plan that replaced a retirement plan that was criticized for inflexible eligibility requirements, has issued its first annual disclosure of its financial and actuarial status. The report covers the fiscal year ending Dec. 31, 2005. Under the old plan, judges did not contribute to their pensions, but becoming eligible for the plan required long tenure.
The plan has total assets of $44.6 million, reported Charles G. Douglas, a Concord attorney and a former NH Supreme Court justice who chairs the board of trustees of the Retirement Plan. Benefits paid out to 35 retirees and beneficiaries totaled $2.6 million, and contributions made by employers and employees amounted to $1.6 million. The planís assets netted $2.9 million in investment and interest income.
The report noted the number of members of the plan, which only covers full-time members of the judiciary, as 19 active or vested members of the district court bench (and 11 retired); five active or vested probate court judges (zero retirees); 26 active or vested superior court justices (18 retired); and five Supreme Court justices (six retired).
For more information on the Retirement Plan, write to: NH Judicial Retirement Plan, 54 Regional Drive, Concord, NH 03301-8507.