SB 219-FN-A - AS INTRODUCED
SENATE BILL 219-FN-A
SPONSORS: Sen. Carson, Dist 14; Sen. Bradley, Dist 3; Sen. Soucy, Dist 18; Rep. Danielson, Hills. 7; Rep. M. McCarthy, Hills. 29; Rep. Sterling, Ches. 14; Rep. Dowling, Rock. 6; Rep. McKinney, Rock. 5
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
Be it Enacted by the Senate and House of Representatives in General Court convened:
I. An additional one-time allowance of $500 shall be paid during state fiscal year 2018 to retired members of the retirement system receiving an allowance who are eligible as follows:
(a) The member retired with at least 20 years of creditable service;
(b) The member retired and has been receiving an allowance for at least 5 years prior to July 1, 2017.
(c) The annual retirement allowance of the member on June 30, 2017 is not greater than $30,000.
II. The additional allowance shall not become a permanent addition to the member's base retirement allowance.
III. The sum necessary to fund the additional allowances granted under this act is hereby appropriated to the board of trustees of the retirement system. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
SB 219-FN-A- FISCAL NOTE
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
Estimated Increase / (Decrease)
[ X ] General [ ] Education [ ] Highway [ ] Other
This bill appropriates funds for additional allowances to the New Hampshire Retirement System Board of Trustees for the purpose of an additional one-time $500 allowance to be paid during FY 2018 to retired members of the retirement system. Retired members of the retirement system receiving an allowance are eligible if such member is retired with at least 20 years of creditable service; the member retired and has been receiving an allowance for at least 5 years prior to July 1, 2017; and the annual retirement allowance for the member on June 30, 2017 is not greater than $30,000. The additional allowance shall not become a permanent addition to the member’s base retirement allowance. The funds shall be drawn out of any money in the Treasury not otherwise appropriated.
The Treasury Department states there is no impact on revenues or expenditures of the Department as budgeted in the general fund.
The New Hampshire Retirement System states that since the additional allowance is not a permanent addition to the member’s base retirement allowance and is funded by a separate appropriation, there is no change in the employer contribution rate. The System’s actuary determined the retired members eligible based on the retiree and beneficiary data as of June 30, 2015 and reviewed census data provided as of June 30, 2016 for reasonableness and consistency with these results and recommended no adjustment. The final tabulation of eligibility will be performed by System staff. The System’s actuary estimates a total of $4.19 million cost for FY 2018, payable by separate appropriation. The allocation of this benefit is as follows:
Expected Dollar Increase Due to Proposal-State
Expected Dollar Increase Due to Proposal-Political Subdivisions
Combined Total Dollar Increase Due to Proposal
New Hampshire Retirement System and Treasury Department
|Feb. 7, 2017||Senate||Hearing|
|Jan. 3, 2018||Senate||Floor Vote|
|Jan. 19, 2017||Introduced 01/19/2017 and Referred to Finance; SJ 5|
|Feb. 7, 2017||Hearing: 02/07/2017, Room 103, SH, 02:00 pm; SC 9|
|March 16, 2017||Committee Report: Rereferred to Committee, 03/16/2017; SC 14|
|March 16, 2017||Rereferred to Committee, RC 13Y-10N, MA; 03/16/2017; SJ 9|
|Jan. 3, 2018||Committee Report: Inexpedient to Legislate, 01/03/2018; SC 48|
|Jan. 3, 2018||Inexpedient to Legislate, MF, VV; 01/03/2018; SJ 1|
|Jan. 3, 2018||Sen. Giuda Move to Refer to Interim Study, MA, VV; 01/03/2018; SJ 1|