This bill modifies the retirement annuity multipliers for group II members of the New Hampshire retirement system and makes an appropriation to the retirement system for this purpose. The bill amends RSA 100-A:5, II to adjust the calculation of service retirement benefits for group II members. Specifically, it changes the maximum number of years of creditable service for the calculation of the state annuity from 40.5 years to the limits under RSA 100-A:6-a. The bill also introduces provisions for group II members who retire before reaching full age and service requirements, stating that their annuity multiplier remains the same as their first 15 years of creditable service.

Additionally, the bill amends RSA 100-A:6, II(b) concerning ordinary disability retirement allowances for group II members, aligning the maximum number of years of creditable service with the limits under RSA 100-A:6-a and ensuring that the allowance is not less than 25 percent of the member's final compensation. It also specifies that members who retire upon ordinary disability or qualify for accidental death benefits are not subject to the full age and service requirements listed under RSA 100-A:5, II(d). An appropriation of $26,000,000 for the biennium ending June 30, 2025, is made to the retirement system for the changes introduced by this act. The act is set to take effect on June 30, 2024.

Statutes affected:
Introduced: 100-A:5, 100-A:6
As Amended by the House: 100-A:5, 100-A:6
As Amended by the House (2nd): 100-A:5, 100-A:6
As Amended by the Senate: 100-A:5, 100-A:6
Version adopted by both bodies: 100-A:5, 100-A:6
CHAPTERED FINAL VERSION: 100-A:5, 100-A:6