Revision: Feb. 8, 2024, 11:51 a.m.
Rep. Simon, Graf. 1
January 29, 2024
2024-0326h
11/06
Amendment to HB 1647-FN-A
Amend RSA 100-A:5, II(b)(2) as inserted by section 1 of the bill by replacing it with the following:
(2) For members who are in vested status before January 1, 2012, a state annuity which, together with his or her member annuity, shall be equal to 2-1/2 percent of his or her average final compensation multiplied by the number of years of his or her creditable service not in excess of 40 years, or for members who commenced service on or after July 1, 2011, a state annuity which, together with his or her member annuity, shall be equal to 2 percent of his or her average final compensation multiplied by the [number of] first 10 years of creditable service and 2.5 percent for all subsequent years of his or her creditable service not in excess of [42.5] 36 years, [and group II members who have not attained vested status prior to January 1, 2012 shall be as provided in the transition provisions in RSA 100-A:5, II(d) with the maximum number of years of creditable service not in excess of 40.5 years.] but only for group II members in service who have attained age 60 regardless of the number of years of creditable service, or who work up to their full age and service requirements and retire under service retirement. If a member retires prior to reaching full age and service requirements, then their annuity multiplier remains the same as their first 10 years of creditable service. [, and] Group II members who have not attained vested status prior to January 1, 2012 shall be as provided in the transition provisions in RSA 100-A:5, II(d) with the maximum number of years of creditable service not in excess of [40.5 years] the limits under RSA 100-A:6-a.
Amend RSA RSA 100-A:5, II(d) as inserted by section 1 of the bill by replacing it with the following:
(d) Active group II members who commenced service prior to July 1, 2011 and who have not attained vested status prior to January 1, 2012 shall be subject to the following transition provisions for years of service required for regular service retirement, the minimum age for regular service retirement, and for the first 10 years of creditable service, the multiplier used to calculate the retirement annuity, which shall be applicable on, or after January 1, 2012 according to the following table:
Creditable service on Minimum years Minimum Annuity
January 1, 2012 of service age attained multiplier
(1) Less than 4 years 24 age 49 2.1 % *
(2) At least 4 years 23 age 48 2.2% *
but less than 6 years
(3) At least 6 years but 22 age 47 2.3% *
less than 8 years
(4) At least 8 years but 21 age 46 2.4% *
less than 10 years
* The annuity multiplier applied to creditable service earned beyond 10 years of creditable service, shall be 2.5 percent, but only for group II members in service who have attained age 60 regardless of the number of years of creditable service, or who work up to their full age and service requirements and retire under service retirement. If a member retires prior to reaching full age and service requirements, then their annuity multiplier remains the same as their first 10 years of creditable service.
Amend the bill by replacing section 2 with the following:
2 New Hampshire Retirement System; Disability Retirement Benefits. Amend RSA 100-A:6, II(b) to read as follows:
(b) Upon ordinary disability retirement, the group II member shall receive an ordinary disability retirement allowance which shall consist of: a member annuity which shall be the actuarial equivalent of his or her accumulated contributions at the time of his or her ordinary disability retirement; and a state annuity which, together with his or her member annuity, for members who are in vested status before January 1, 2012, shall be equal to 2 1/2 percent of his or her average final compensation at the time of ordinary disability retirement multiplied by the number of years of his or her creditable service not in excess of 40 at the time of ordinary disability retirement, or for members who commenced service on or after July 1, 2011, shall be equal to 2 percent of his or her average final compensation at the time of ordinary disability retirement multiplied by the [number of] first 10 years of creditable service and 2.5 percent for all subsequent years of his or her creditable service not in excess of [42.5] 36 at the time of ordinary disability retirement, and group II members who have not attained vested status prior to January 1, 2012, shall be as provided in the transition provisions in RSA 100-A:5, II(d) with the maximum number of years of creditable service not in excess of [40.5 years] the limits under RSA 100-A:6-a provided, however, that such allowance shall not be less than 25 percent of the member's final compensation at the time of his or her disability retirement. Members who retire upon ordinary disability or qualify for accidental death benefits as outlined in RSA 100-A:8 shall not be subject to the full age and service requirements listed under RSA 100-A:5, II(d).