For Immediate Release: January 26, 2017
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; [email protected]
CONCORD – 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 as of January 26, 2017. NHRS will send further notifications if additional legislation with a financial impact is introduced.
House Bill 294: This bill requires that the administrative and professional cost of the fiscal analysis of proposed legislation done by the retirement system be reimbursed from general funds not otherwise appropriated.
House Bill 366: This bill modifies the calculation of average final compensation for retirement system members who commenced service on or after July 1, 2011 or who had not attained vested status prior to January 1, 2012.
House Bill 369: This bill extends the period of amortization for the unfunded accrued liability of the New Hampshire retirement system by 10 years.
House Bill 405: This bill requires the decennial retirement commission established in RSA 100-A:57 to study the feasibility and cost of eliminating the reduction in a retiree's retirement allowance upon reaching the age of 65.
House Bill 413: This bill requires the state to pay 15 percent of employer contributions for teachers, police officers and firefighters employed by political subdivisions beginning in fiscal year 2018.
House Bill 415: This bill requires the state to pay 35 percent of employer contributions for teachers, police officers and firefighters employed by political subdivisions beginning in fiscal year 2021. This bill establishes an income tax. This bill also reduces the rates of the business profits tax and repeals the business enterprise tax, the education tax, the utility property tax, and the interest and dividends tax.
House Bill 421: This bill allows the Board of Trustees of the retirement system to revoke a member’s benefits if the member is convicted of a crime related to his or her public office or public employment which occurred during active service and for which the member resigned or was dismissed from employment.
House Bill 425: This bill requires the retirement system to use the assumed rate of return of 7.75 percent for calculating employer contribution rates for the biennium beginning July 1, 2017, and to recertify employer rates to reflect the rate of return change.
House Bill 542: This bill requires a retired member of the retirement system who becomes employed part-time with a retirement system employer to pay a fee to the retirement system.
House Bill 543: This bill prohibits a retiree in the New Hampshire Retirement System from working part-time for the same employer from which he or she retired.
House Bill 548: This bill changes the normal retirement age for non-vested and newly hired employees of retirement system employers to be the normal retirement age under the federal Social Security Act.
House Bill 561: This bill requires retirement system employers to make contributions based on the unfunded accrued liability and medical benefits employer share for retired members employed on a part-time basis. This bill also requires the executive director of the retirement system to suspend a member’s retirement allowance and assess a penalty on a retirement system employer for exceeding the limitations for part-time employment.
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:
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