SB57 (2023) Detail

Relative to the reduction in the calculation of state retirement annuities at age 65.


SB 57-FN - AS INTRODUCED

 

 

2023 SESSION

23-0901

07/08

 

SENATE BILL 57-FN

 

AN ACT relative to the reduction in the calculation of state retirement annuities at age 65.

 

SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Watters, Dist 4; Sen. Rosenwald, Dist 13; Sen. Soucy, Dist 18; Sen. Innis, Dist 7; Sen. Avard, Dist 12; Sen. Whitley, Dist 15

 

COMMITTEE: Executive Departments and Administration

 

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ANALYSIS

 

This bill provides for the application of the reduction of a retiree's annuity at the member's full retirement age under the federal Social Security system.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

23-0901

07/08

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Three

 

AN ACT relative to the reduction in the calculation of state retirement annuities at age 65.

 

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

 

1  Retirement System; Service Retirement Benefits; Reduction Age.  Amend RSA 100-A:5, I(b) to read as follows:

(b)  Upon service retirement, an employee member or teacher member of group I shall receive a service retirement allowance which shall consist of a member annuity which shall be the actuarial equivalent of the member’s accumulated contributions at the time of retirement, and a state annuity.  Prior to the member’s attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/60 of the member’s average final compensation multiplied by the number of years of creditable service.  After attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/66 of the member’s average final compensation multiplied by the number of years of creditable service.  Provided, however, that a group I member who commenced service on or after July 1, 2011 shall not receive a service retirement allowance until attaining the age of 65; but may receive a reduced allowance after age 60 if the member has at least 30 years of creditable service where the allowance shall be reduced, for each month by which the date on which benefits commence precedes the month after which the member attains 65 years of age, by 1/4 of one percent.

2  Retirement System; Ordinary Disability Retirement Benefits; Reduction Age.  Amend RSA 100-A:6, I(b)(1)(A) and (B) to read as follows:

(A)  Prior to the member’s attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/60 of the member’s average final compensation at the time of his or her ordinary disability retirement multiplied by the number of years of creditable service at the time of his or her ordinary disability retirement;

(B)  After attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/66 of the member’s average final compensation at the time of his or her ordinary disability retirement multiplied by the number of years of creditable service at the time of his or her ordinary disability retirement;

3  Retirement System; Accidental Disability Retirement Benefits; Reduction Age.  Amend RSA 100-A:6, I(d)(1)(A) and (B) to read as follows:

(A)  Prior to the member’s attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/60 of the member’s average final compensation at the time of his or her accidental disability retirement multiplied by the number of years of creditable service at the time of his or her accidental disability retirement;

(B)  After attainment of [age 65] the member’s full retirement age for Social Security, the state annuity, together with the member annuity, shall be equal to 1/66 of the member’s average final compensation at the time of his or her accidental disability retirement multiplied by the number of years of creditable service at the time of his or her accidental disability retirement;

4  Effective Date.  This act shall take effect 60 days after its passage.

 

LBA

23-0901

1/10/23

 

SB 57-FN- FISCAL NOTE

AS INTRODUCED

 

AN ACT relative to the reduction in the calculation of state retirement annuities at age 65.

 

FISCAL IMPACT:

Due to time constraints, the Office of Legislative Budget Assistant is unable to provide a fiscal note for this bill, as introduced, at this time.  When completed, the fiscal note will be forwarded to the Senate Clerk's Office.

 

AGENCIES CONTACTED:

New Hampshire Retirement System

 

Links

Action Dates

Date Body Type
Jan. 18, 2023 Senate Hearing
Jan. 26, 2023 Senate Floor Vote

Bill Text Revisions

SB57 Revision: 37548 Date: Jan. 12, 2023, 11:26 a.m.

Docket


Jan. 26, 2023: Ought to Pass: MA, VV; Refer to Finance Rule 4-5; 01/26/2023; SJ 5


Jan. 18, 2023: Committee Report: Ought to Pass, 01/26/2023; Vote 5-0; CC; SC 7


Jan. 12, 2023: Hearing: 01/18/2023, Room 103, SH, 10:00 am; SC 6


Jan. 12, 2023: Introduced 01/05/2023 and Referred to Executive Departments and Administration; SJ 4