The Manchester Employees’ Contributory Retirement System, (The Retirement System, MECRS or
The Plan) is a “defined benefit” plan and operates pursuant to Section 8.09 of the City Charter of
Manchester, New Hampshire, in accordance with the State of New Hampshire Laws of 1973, Chapter
218 as amended, and is intended to create a tax-qualified governmental retirement plan under
sections 401(a) and 414(d) of the Internal Revenue Code as amended. This defined benefit plan is
superior to defined contribution plans in that it calculates the retirement benefit based upon average final earnings, creditable service, and age at retirement as opposed to simply the total accumulation of dollars in the plan. The Retirement System is governed by a seven member board in accordance with Articles I and II of its By Laws and operates in accordance with Administrative Rules established bfor that purpose. The Annual Report, as well as copies of the By Laws and Administrative Rules are also available in hard copy upon request from the Retirement System’s administrative offices. The Retirement System exists for the benefit of its membership and maintains administrative offices in Suite 403 of the Chase Building at 1045 Elm Street in Manchester, New Hampshire.