Bill > HB727

This bill makes several significant changes to the New Hampshire Retirement System (NHRS), primarily affecting Group II members and the calculation of retirement benefits. Key provisions include adjusting the definition of "earnable compensation" to potentially include more types of pay, modifying the calculation of "average final compensation" which is used to determine retirement benefits, and altering the eligibility requirements and benefit multipliers for service retirement. For instance, it changes the date for when certain retirement provisions apply to Group II members, shifting it from January 1, 2012, to September 1, 2013, and in some cases, to July 1, 2011, or later dates, with corresponding changes to retirement ages and years of service required. The bill also revises the maximum retirement benefit amounts, setting different limits based on when a member commenced service, and includes an appropriation of $27,500,000 per state fiscal year from 2025 to 2034 to fund these changes, while also acknowledging potential administrative costs for the NHRS.

Government Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=732&inflect=2