Pursuant to RSA 100-A:14, XII, the New Hampshire Retirement System (NHRS, the retirement system) is issuing this notice to inform NHRS participating employers about legislation that may have a cost impact on political subdivision employers. The following legislation has been introduced in 2024. NHRS will send further notifications if additional legislation with a financial impact is introduced. 

• House Bill 1211: This bill temporarily increases the number of hours a retired employee can work in a calendar year from 1,352 to 1,872. After 10 years, the number of hours would revert to 1,352.
• House Bill 1279: This bill provides that the state shall pay 7.5% of local employer retirement contributions for Group I Teachers and Group II Police and Fire members.
• House Bill 1307: This bill makes a one-time supplemental allowance of $500 to accidental disability benefit recipients whose annual benefit is less than $40,000. The bill also provides for future supplemental allowances and cost-of-living adjustments for accidental disability beneficiaries to be granted without regard to years of creditable service, unless specifically indicated by the Legislature.
• House Bill 1451: This bill requires the NHRS Board of Trustees to contract with two investment consulting firms and review their performance.
• House Bill 1451: This bill provides that mandatory overtime shall be reported as part of the full base rate of compensation.
• House Bill 1647: This bill increases the multiplier for Group II Tier B and C members (and future hires) to 2.5% for all years worked in excess of 10 years. The bill includes a $55.9 million appropriation toward the cost of this change.
• House Bill 1653: This bill modifies the definition of earnable compensation for Group II members hired prior to July 1, 2011, and who did not attain vested status prior to January 1, 2012.
• House Bill 1673: This bill redefines average final compensation for Group II members hired prior to July 1, 2011, and who did not attain vested status prior to January 1, 2012.
• Senate Bill 309: This bill changes the vesting period for retirement system benefits from 10 years to 5 years.
• Senate Bill 368: This bill links the recalculation of a Group I retiree’s NHRS benefit to his or her full retirement age under the federal Social Security system for members who retired prior to July 1, 2023, and who have not attained age 65 prior to July 1, 2024.

In addition, one bill retained from  2023 and adopted as amended by the Senate on January 3 has a cost impact. Senate Bill 134 would establish a new retirement system disability benefit for Group II members who retire as a result of a purposeful, violent attack by means of a deadly weapon.

For more details on a particular bill, visit the State of New Hampshire General Court’s website at http://gencourt.state.nh.us/. Fiscal impact notes for bills will be posted with the text of the bill on the General Court website when they become available.

For a list of all NHRS-related bills introduced this session, see:
https://www.nhrs.org/about-nhrs/legislative-updates