July 21, 2017, 05:46:04 PM


Author Topic: Severance Pay: Opening an NH IRP Account  (Read 224 times)

Offline allisonobri

  • Explorer
  • *
  • Posts: 17
  • Gender: Female
Severance Pay: Opening an NH IRP Account
« on: July 17, 2017, 12:39:18 AM »
Has anyone had an experience setting up an IRP Account at NH Bank? My school told me I need to open an account in order to withdraw my Severance Pay.
I was wondering if anyone could tell me what documents you needed to open an account? Or what the process was like?
I'm leaving before my contract date ends so I'm worried I won't be able to receive all of the money and transfer it back to the US.

Thanks for all of your help!

Offline ISHKABIBBLE

  • Explorer
  • *
  • Posts: 9
  • Gender: Female
Re: Severance Pay: Opening an NH IRP Account
« Reply #1 on: July 17, 2017, 11:22:46 AM »
Not quite certain what materials you will need. Probably just the basics. ARC and the like.

I did find some info from previous threads though:

What recently happened is for whatever reason (I don't know the specifics) schools can now choose to either hold your severance themselves (as they have been doing) or they can put it in some sort of NH bank account that is designed for it. There have been some other threads about it but  I can't find it right now.

The thing is, they can't do it without your permission. Although some schools have appeared to have had the NSET's CT sign it or whatever, and/or just told the NSET to sign it and not given that much explanation.

The annoying thing is that is once they put it in this account, you need an account with NH to get it back (as far as I know). and they can't just send it to any account you want.

So as for the OP, I think your school did this without informing you (either completely, or just thrusted a form for you to sign and you did). but that's bascially why this is happening now. It's pretty commonplace and a lot of NSETs have been surprised by their school's sudden insistence on having an NH account to get the severance

Offline allisonobri

  • Explorer
  • *
  • Posts: 17
  • Gender: Female
Re: Severance Pay: Opening an NH IRP Account
« Reply #2 on: July 17, 2017, 07:53:06 PM »
Thanks for the reply! I felt like I was completely blind-sided. I got an email about the NH Retirement Fund in my name, and the school accountant had no idea what it was.

I don't recall signing any paperwork, so I was definitely taken by surprise. Looks like I'll be taking off early to head to the bank this week. Thanks again :)

 

Recent Lesson Plans

Buy/Sell/Trade

Employment