This bill establishes a cost of living adjustment for certain group II retirees in the New Hampshire retirement system. Retired group II members who have been retired for at least 120 months but not more than 239 months prior to or on July 1, 2023, or any beneficiary of such member who is receiving an allowance, will be entitled to receive a cost of living adjustment as a supplemental allowance. The amount of the supplemental allowance will be 5 percent of the member's or beneficiary's annual retirement allowance which is $50,000 or less, or otherwise 5 percent of the first $50,000 of a retired member's or beneficiary's allowance. Retired group II members who have been retired for at least 240 months prior to or on July 1, 2023, or any beneficiary of such member who is receiving an allowance, will be entitled to receive a cost of living adjustment as a supplemental allowance. The amount of the supplemental allowance will be 10 percent of the member's or beneficiary's annual retirement allowance which is $50,000 or less, or otherwise 10 percent of the first $50,000 of a retired member's or beneficiary's allowance. The total actuarial cost of the supplemental allowance will be funded from the state general fund. The supplemental allowance will become a permanent addition to the beneficiary's base retirement allowance and will be included in the monthly annuity paid to the retired member or beneficiary. The payment of the supplemental allowance will be made by the retirement system as soon as administratively practicable after the effective date of this section, but not later than November 1, 2023. The bill will take effect on June 30, 2023.