Letter: It’s my money!
I was fortunate to work full-time for a municipality for the past year and enjoy the benefits that come with that. The benefits were affordable health insurance, life insurance and mandatory contribution to a pension plan maintained by the New Hampshire Retirement System. The mandatory contribution is set at 7 percent of an employee’s gross income.
Recently I was reduced to part-time hours with the loss of benefits. I filled out paperwork to get my portion of the contributions to the pension plan controlled by NHRS back. My plan was to open an IRA and continue to make contributions as I could.
Then I found out I cannot get my money back until I retire or lose my job. I also cannot make contributions to this pension plan. It’ll just sit there, controlled by the NHRS. Putting money into the pension plan is mandatory, having my hours reduced to part-time was not by my choice. I can no longer put money into this plan, yet I cannot have my money back. I am only expecting to have the back the 7 percent of my last year’s pay returned to me. The response: “We have seen an increase in these inquiries as more employers transition full-time workers to part-time status. Our handling of these requests are governed by Internal Revenue Code requirements, RSA 100-A and applicable administrative rules.”
This is money I earned and now I am being denied the return of it. Yes, it will earn interest sitting there. But I would prefer to have control over the money I earn.