HB571 (2023) Detail

Relative to the cost of living adjustments for certain group II retirees in the New Hampshire retirement system.


HB 571-FN-A - AS INTRODUCED

 

 

2023 SESSION

23-0338

10/04

 

HOUSE BILL 571-FN-A

 

AN ACT relative to the cost of living adjustments for certain group II retirees in the New Hampshire retirement system.

 

SPONSORS: Rep. Baroody, Hills. 39; Rep. O'Brien, Hills. 10; Rep. Goley, Hills. 21; Rep. DiSilvestro, Hills. 17

 

COMMITTEE: Executive Departments and Administration

 

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ANALYSIS

 

This bill establishes a cost of living adjustment in 2023 to be paid by the retirement system on the first $50,000 of a retired group II member's or beneficiary's allowance.  The cost of this supplemental allowance is paid from the state general fund.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

23-0338

10/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Three

 

AN ACT relative to the cost of living adjustments for certain group II retirees in the New Hampshire retirement system.

 

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

 

1  New Section; Retirement System; Cost of Living Adjustment; Supplemental Allowance; Certain Group II Members.  Amend RSA 100-A by inserting after section 41-e the following new section:

100-A:41-f Cost of Living Adjustment; Supplemental Allowance; Group II.

I.(a)  Any retired group II member of the New Hampshire retirement system or any of its predecessor systems, who has 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, shall be entitled to receive a cost of living adjustment (COLA) as a supplemental allowance. The amount of such supplemental allowance shall be 5 percent of a 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.

(b)  Any retired group II member of the New Hampshire retirement system or any of its predecessor systems, who has 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, shall be entitled to receive a cost of living adjustment (COLA) as a supplemental allowance.  The amount of such supplemental allowance shall be 10 percent of a 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.

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 general fund.  The sum necessary is hereby appropriated to the board of trustees.  The governor is authorized to draw a warrant for said sum out of any money in the treasury for the fiscal year ending June 30, 2023 not otherwise appropriated.

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 for group II under RSA 100-A:8, 100-A:9, 100-A:12, 100-A:13, or similar provisions of predecessor systems.

IV. The payment of the supplemental allowance under this section shall 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.

2  Effective Date.  This act shall take effect June 30, 2023.

 

LBA

23-0338

1/9/23

 

HB 571-FN-A- FISCAL NOTE

AS INTRODUCED

 

AN ACT relative to the cost of living adjustments for certain group II 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 introduced, as it is awaiting information from the New Hampshire Retirement System.  The New Hampshire Retirement System was contact on 12/14/2022 for a fiscal note worksheet. When completed, the fiscal note will be forwarded to the House Clerk's Office.

 

AGENCIES CONTACTED:

New Hampshire Retirement System

 

Links

Action Dates

Date Body Type
Jan. 26, 2023 House Hearing

Bill Text Revisions

HB571 Revision: 37459 Date: Jan. 11, 2023, 11:24 a.m.

Docket


Jan. 26, 2023: Subcommittee Work Session: 02/02/2023 01:00 pm LOB 306-308


Jan. 18, 2023: Public Hearing: 01/26/2023 10:45 am LOB 306-308


Jan. 11, 2023: Introduced (in recess of) 01/05/2023 and referred to Executive Departments and Administration