This bill aims to increase the service retirement and disability retirement annuity multiplier for group II retirement system members. It specifically targets members who are in vested status before January 1, 2012, and those who have not attained vested status prior to that date. The bill proposes to increase the annuity multiplier for the first 20 years of service for these members. Additionally, the bill repeals and reenacts a provision related to transition provisions for group II members, specifying the years of service required for regular service retirement, the minimum age for regular service retirement, and the multiplier used to calculate the retirement annuity.

The fiscal impact of this bill is expected to be significant. It is estimated that there will be an increase in employer pension rates for both state and political subdivisions. The net impact for FY 2026 is estimated to be $3,560,000 for the state and $13,320,000 for political subdivisions. The bill will also result in increased administrative costs for the New Hampshire Retirement System, including reprogramming of the pension administration system and revisions to administrative procedures.

Statutes affected:
Introduced: 100-A:5, 100-A:6