HB 436-FN-LOCAL is a bill that makes changes to the retirement benefits for Group II members in the New Hampshire Retirement System. The bill clarifies the definition of "vested" to mean that a member is qualified for a benefit upon 10 years of service. It also adjusts the definition of "earnable compensation" for Group II members, including what is included and excluded from compensation calculations. The bill eliminates the limit on compensation over base pay and changes the calculation of the pension benefit from high 5 years to high 3 years. The bill also restores the maximum benefit provision for certain members and increases the fixed dollar maximum by 1.25% each year. The bill is expected to have a fiscal impact, with an increase in employer pension rates and administrative costs.
Overall, this bill aims to make several changes to the New Hampshire Retirement System to adjust retirement benefits for Group II members. It clarifies the definition of "vested," adjusts the definition of "earnable compensation," eliminates the limit on compensation over base pay, changes the calculation of the pension benefit, restores the maximum benefit provision for certain members, and increases the fixed dollar maximum. The bill is expected to have a fiscal impact and may result in increased employer pension rates and administrative costs.
Statutes affected: Introduced: 100-A:5
As Amended by the House: 100-A:1, 100-A:5, 100-A:6-a