HB616 (2019) Detail

Relative to a cost of living adjustment for retirees in the state retirement system.


CHAPTER 340

HB 616-FN - FINAL VERSION

 

27Feb2019... 0094h

4Apr2019... 1268h

2019 SESSION

19-0674

10/01

 

HOUSE BILL 616-FN

 

AN ACT relative to a cost of living adjustment for retirees in the state retirement system.

 

SPONSORS: Rep. Schuett, Merr. 20; Rep. Leishman, Hills. 24; Rep. Fellows, Graf. 8; Rep. Ellison, Merr. 27; Rep. Katsakiores, Rock. 6; Rep. Moffett, Merr. 9; Rep. M. Pearson, Rock. 34; Rep. Rogers, Merr. 28

 

COMMITTEE: Executive Departments and Administration

 

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ANALYSIS

 

This bill grants a cost of living adjustment to retirees who have been retired for at least 60 months.  The total actuarial cost of the supplemental allowance is funded by retirement system funds.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

27Feb2019... 0094h

4Apr2019... 1268h 19-0674

10/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to a cost of living adjustment for retirees in the state retirement system.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

340:1  New Section; Retirement System; Cost of Living Adjustment.  Amend RSA 100-A by inserting after section 41-d the following new section:

100-A:41-e  Cost of Living Adjustment; Supplemental Allowance.

I.  Any retired member of the New Hampshire retirement system or any of its predecessor systems, who has been retired for at least 60 months prior to or on July 1, 2019, or any beneficiary of such member who is receiving an allowance, shall be entitled to receive a cost of living adjustment (COLA) as a supplemental allowance, on the retired member's first anniversary date occurring after July 1, 2020.  The amount of such supplemental allowance shall be 1-1/2 percent of a member's or beneficiary's annual retirement allowance which is $50,000 or less, or otherwise 1-1/2 percent of the first $50,000 of a retired member's or beneficiary's allowance.

II.  The total actuarial cost of the supplemental allowance under paragraph I, as determined by the actuary and certified by the board of trustees of the retirement system, shall be terminally funded from the state annuity accumulation fund.

III.  The supplemental allowance shall become a permanent addition to the beneficiary's base retirement allowance and shall be included in the monthly annuity paid to the retired member, or to the member’s beneficiary if the member is deceased and the beneficiary is receiving an allowance under RSA 100-A:8, 100-A:9, 100-A:12, 100-A:13, or similar provisions of predecessor systems.

340:2  Repeal.  RSA 100-A:41-a through RSA 100-A:41-d, relative to prior provisions for supplemental allowances, are repealed.

340:3  Effective Date.  This act shall take effect July 1, 2019.

 

Approved: September 06, 2019

Effective Date: July 01, 2019

 

 

Links

HB616 at GenCourtMobile
HB616 Discussion

Action Dates

Date Body Type
Jan. 30, 2019 House Hearing
Feb. 12, 2019 House Exec Session
House Floor Vote
Feb. 27, 2019 House Floor Vote
March 27, 2019 House Exec Session
March 27, 2019 House Exec Session
April 4, 2019 House Floor Vote
April 24, 2019 Senate Hearing
May 23, 2019 Senate Floor Vote
May 23, 2019 Senate Floor Vote

Bill Text Revisions

HB616 Revision: 6717 Date: Dec. 4, 2019, 9:41 a.m.
HB616 Revision: 6045 Date: May 23, 2019, 3:44 p.m.
HB616 Revision: 5703 Date: April 11, 2019, 2:10 p.m.
HB616 Revision: 5399 Date: April 1, 2019, 11:11 a.m.
HB616 Revision: 4900 Date: Jan. 16, 2019, 8:41 a.m.

Docket


Sept. 6, 2019: Signed by Governor Sununu 09/06/2019; Chapter 340; Eff: 07/01/2019


May 23, 2019: Enrolled 05/23/2019 HJ 16 P. 51


May 30, 2019: Enrolled (In recess 05/30/2019); SJ 19


May 23, 2019: Ought to Pass: RC 12Y-11N, MA; OT3rdg; 05/23/2019; SJ 17


May 23, 2019: Sen. Carson Floor Amendment # 2019-2218s, RC 11Y-12N, AF; 05/23/2019; SJ 17


May 23, 2019: Special Order to the beginning of the regular calendar, Without Objection, MA; 05/23/2019; SJ 17


May 23, 2019: Committee Report: Ought to Pass, 05/23/2019; SC 23


April 24, 2019: Hearing: 04/24/2019, Room 101, LOB, 09:30 am; SC 19


April 11, 2019: Introduced 04/11/2019 and Referred to Executive Departments and Administration; SJ 13


April 4, 2019: Ought to Pass with Amendment 2019-1268h: MA RC 219-149 04/04/2019 HJ 12 P. 25


April 4, 2019: Amendment # 2019-1268h: AA VV 04/04/2019 HJ 12 P. 25


: Minority Committee Report: Inexpedient to Legislate


April 4, 2019: Majority Committee Report: Ought to Pass with Amendment # 2019-1268h for 04/04/2019 (Vote 12-8; RC) HC 18 P. 6


: Majority Committee Report: Ought to Pass with Amendment # 2019-1268h (Vote 12-8; RC)


March 27, 2019: Executive Session: 03/27/2019 10:00 am LOB 210-211


March 27, 2019: Executive Session: 03/27/2019 10:00 am LOB 210-211


March 26, 2019: Finance Division I Work Session: 03/26/2019 10:00 am LOB 212


March 22, 2019: Finance Division I Work Session: 03/22/2019 10:30 am LOB 212


Feb. 27, 2019: Referred to Finance 02/27/2019 HJ 6 P. 85


Feb. 27, 2019: Ought to Pass with Amendment 2019-0094h: MA DV 250-91 02/27/2019 HJ 6 P. 85


Feb. 27, 2019: Amendment # 2019-0094h: AA VV 02/27/2019 HJ 6 P. 85


: Minority Committee Report: Inexpedient to Legislate


: Majority Committee Report: Ought to Pass with Amendment # 2019-0094h (Vote 17-2; RC)


Feb. 27, 2019: Majority Committee Report: Ought to Pass with Amendment # 2019-0094h for 02/27/2019 (Vote 17-2; RC) HC 13 P. 19


Feb. 12, 2019: Executive Session: 02/12/2019 01:30 pm LOB 306


Jan. 30, 2019: Public Hearing: 01/30/2019 02:00 pm LOB 305-307


Jan. 3, 2019: Introduced 01/03/2019 and referred to Executive Departments and Administration HJ 3 P. 22