For Immediate Release: June 29, 2018
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; [email protected]
CONCORD, NH – Seven bills related to RSA 100-A were enacted by the New Hampshire Legislature during the 2018 session and signed into law by the Governor. RSA 100-A is the statute governing the New Hampshire Retirement System (NHRS, the retirement system).
Of particular interest to retirees are House Bill 561, which modified the laws governing retirees working part-time for a participating employer, and House Bill 1756, which grants a one-time $500 payment to eligible retirees.
Here is a summary of NHRS-related legislation passed in 2018:
House Bill 561 (Chapter 293, Laws of 2018; effective January 1, 2019) limits NHRS retirees working part-time for retirement system participating employers to a maximum of 1,352 hours per calendar year. Retirees already working part-time are allowed to work up to 1,664 hours per calendar year for as long as they remain in the position they held on the effective date of the bill. The bill also contains a financial penalty for any retirees exceeding the statutory limits on annual hours worked and requires members who retire on/after 1/1/19 to wait 28 days from their effective date of retirement before commencing part-time employment with a participating employer.
For additional information, see: https://www.nhrs.org/about-nhrs/news/article/2018/06/27/working-after-retirement-laws-to-change-in-2019
House Bill 1756 (Chapter 304, Laws of 2018; effective July 1, 2018) grants a one-time additional allowance of $500 in fiscal year 2019 to retired members who meet all of the following criteria: (a) The member retired with at least 20 years of creditable service; (b) The member retired and has been receiving an allowance for at least 5 years prior to July 1, 2018; (c) The annual retirement allowance of the member on June 30, 2018, is not greater than $30,000.
For additional information, see: https://www.nhrs.org/about-nhrs/news/article/2018/06/27/eligible-retirees-to-receive-one-time-payment-of-$500
House Bill 1805 (Chapter 203, Laws of 2018; effective June 8, 2018, except sections 6 and 7, which are effective July 1, 2018) establishes a committee to study level dollar amortization of the retirement system’s unfunded actuarial accrued liability (UAAL) and increases NHRS trustee terms from 2 years to 3 years.
House Bill 1823 (Chapter 48, Laws of 2018; effective July 14, 2018) requires the retirement system to amortize annual unfunded liabilities accrued on or after July 1, 2017, for a closed, fixed period of no longer than 20 years.
Senate Bill 324 (Chapter 101, Laws of 2018; effective July 24, 2018) allows a retiree whose election of a retirement system optional allowance was terminated as a result of a final divorce decree or final settlement agreement to nominate a current spouse after remarriage for a new optional allowance.
Senate Bill 458 (Chapter 286, Laws of 2018; effective June 21, 2018) provides for the election by a certain surviving spouse of a Group II member to purchase up to one month of creditable service.
Senate Bill 538 (Chapter 234, Laws of 2018; effective July 1, 2019) moves officers of the state office complex police force into Group II of the retirement system.
In 2018, 13 bills related to RSA 100-A were introduced. Pursuant to RSA 100-A:14, XII, NHRS issues a notice to participating employers at the beginning of the legislative session about legislation that may have a cost impact on political subdivision employers. Under the same statute, NHRS notifies employers if legislation with a cost impact is ultimately adopted.
Additional information on all 2018 NHRS-related legislation is available at: https://www.nhrs.org/about-nhrs/legislative-updates
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and nearly 470 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 35,000 pension recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
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