Today, members of the Executive Branch will see a little more money in their pockets. Their pay checks will include a 2% raise that was negotiated by their Master Bargaining Team in the 2015-2017 contract. While there are many things you could do with extra cash, like pay some bills, take a vacation or finally buy that new car (or new to you car), it is a very good idea to save some of it.
People who begin putting aside just a few dollars a pay period reap the benefits when it comes time to retire. To that end, members of the Executive Branch and Judicial Branch have the opportunity to make tax deferred contributions through their own deferred compensation plan.
The State of NH Deferred Compensation Plan urges you to put your pay raise to work, so maybe you don’t have to later. “While full time state employees contribute to a pension and many have access to Social Security, those two sources may not provide enough retirement income, especially given the rising costs retirees face for their health benefits. Saving even small amounts now, every paycheck, will help you meet these increasing costs in the future,” said Craig Downing, Chapter 20 and Executive Director of the NH Deferred Compensation Plan.