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.

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.