This bill, HB 282-FN, proposes significant amendments to New Hampshire's education funding and retirement benefits for public employees, particularly focusing on Group II members of the retirement system. Starting in fiscal year 2028, the calculation of adequacy grants will be revised based on average daily membership in residence (ADMR), with new provisions added to enhance financial support for municipalities through a fiscal capacity disparity aid grant. The bill also raises the maximum total compensation for first responders suffering critical injuries in the line of duty from $500,000 to $1,000,000 per biennium. Key changes include the deletion of outdated provisions and the insertion of new language to clarify the calculation of education grants and retirement benefits, ensuring a more equitable distribution of educational resources.

In terms of retirement benefits, the bill modifies eligibility criteria, adjusting age and service requirements for early retirement, and introduces a more detailed breakdown of creditable service years. It establishes that members who commenced service on or after July 1, 2011, must be at least 52.5 years old with 25 years of service to retire, while those who began service earlier can retire at age 45 with 20 years of service. The bill also clarifies definitions of earnable compensation, excluding certain types of payments, and sets limits on compensation in the final 12 months of service. Additionally, it appropriates $14.5 million for the fiscal year ending June 30, 2026, and $27.5 million annually thereafter to fund the benefits under this act, with a phased implementation schedule for various provisions.

Statutes affected:
Introduced: 281-A:32-a
As Amended by the Senate: 281-A:32-a, 198:41, 100-A:1, 100-A:5, 21-I:30, 100-A:6, 100-A:6-a, 100-A:10, 100-A:16, 100-A:19-b, 100-A:19-d
Version adopted by both bodies: 281-A:32-a, 198:41, 100-A:1, 100-A:5, 21-I:30, 100-A:6, 100-A:6-a, 100-A:10, 100-A:16, 100-A:19-b, 100-A:19-d
CHAPTERED FINAL VERSION: 281-A:32-a, 198:41, 100-A:1, 100-A:5, 21-I:30, 100-A:6, 100-A:6-a, 100-A:10, 100-A:16, 100-A:19-b, 100-A:19-d