Bill > SB242

This bill establishes a cost of living adjustment (COLA) for certain retired Group II members of the New Hampshire Retirement System in 2025, with two different adjustment levels based on the length of retirement. For members who have been retired between 120 and 239 months (10-20 years), the COLA will be 5% of their annual retirement allowance up to $50,000. For members retired 240 months (20 years) or longer, the COLA will be 10% of their annual retirement allowance up to $50,000. The total cost of this supplemental allowance, estimated at $98.4 million, will be fully funded from the state general fund and will become a permanent addition to the retiree's base retirement allowance. The payment will be made by the retirement system no later than November 1, 2025, and will apply to both retired Group II members and their beneficiaries who meet the specified retirement duration criteria. This bill aims to provide additional financial support to long-term retired public safety workers and other Group II retirement system members by offering a significant cost of living increase.

Budget and Finance

https://gc.nh.gov/bill_status/legacy/bs2016/bill_docket.aspx?lsr=0230&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=SB242