The bill, HB 282-FN, proposes significant amendments to New Hampshire's education funding and retirement benefits for public employees. Starting in fiscal year 2028, the calculation of adequacy grants will be revised based on average daily membership in residence (ADMR), with a new provision limiting additional targeted aid for municipalities with an ADMR of 5,000 or more to $3,750 per pupil. The bill also modifies the New Hampshire retirement system, including changes to maximum retirement benefits, adjustments to calculation dates and percentages, and a new definition of "earnable compensation." Notably, it increases the maximum total compensation for critically injured first responders from $500,000 to $1,000,000 per biennium and introduces a fiscal capacity disparity aid grant.

In terms of retirement benefits, the bill clarifies the definition of "earnable compensation" by deleting provisions that excluded certain types of compensation and inserting new language to specify what is included or excluded. It establishes limits on earnable compensation during the final 12 months of service and specifies that payments made more than 120 days after termination will not be included, with exceptions for certain severance pay. The bill also modifies eligibility criteria for Group II members, changing age and service requirements for retirement benefits, and introduces a minimum annual service retirement allowance of $10,000. Overall, the bill aims to enhance education funding and refine retirement benefits, ensuring clarity and compliance with updated regulations.

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