Revision: Jan. 23, 2009, midnight
HB 591-FN - AS INTRODUCED
2009 SESSION
10/01
HOUSE BILL 591-FN
AN ACT relative to the maximum initial retirement benefit for retirees in the New Hampshire retirement system.
SPONSORS: Rep. Hawkins, Hills 18; Rep. Reagan, Rock 1
COMMITTEE: Executive Departments and Administration
This bill limits the initial retirement benefit for retirees in the retirement system to 100 percent of his or her highest base rate of annual compensation.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
09-0205
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to the maximum initial retirement benefit for retirees in the New Hampshire retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Maximum Retirement Benefit. Amend RSA 100-A:6-a to read as follows:
100-A:6-a Maximum Retirement Benefit. Notwithstanding any other provision of this chapter to the contrary, for members who commenced service before July 1, 2009, a member’s initial calculation of the retirement benefit granted under the provisions of RSA 100-A:5 or RSA 100-A:6 shall not exceed 100 percent of the member’s highest year of earnable compensation. For members who commenced service on or after July 1, 2009, a member’s maximum retirement benefit granted under the provisions of RSA 100-A:5 or RSA 100-A:6 shall not exceed [$120,000] 100 percent of the member’s highest year of base rate of compensation. Nothing in this section shall affect the ability of a member to receive disability benefits pursuant to RSA 100-A:6, II(b) and (c). This provision shall not limit the application of supplemental allowances under RSA 100-A:41-a.
2 Effective Date. This act shall take effect July 1, 2009, at 12:01 a.m.
LBAO
09-0205
01/22/09
HB 591-FN - FISCAL NOTE
AN ACT relative to the maximum initial retirement benefit for retirees in the New Hampshire retirement system.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from the New Hampshire Retirement System. When completed, the fiscal note will be forwarded to the House Clerk's Office.