For Immediate Release: January 24, 2019
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; [email protected]
CONCORD, NH – 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 2019 legislation that may have a cost impact on political subdivision employers.
The following legislation has been introduced as of January 24, 2019. NHRS will send further notifications if additional legislation with a financial impact is introduced.
- HB 468: This bill reclassifies attendance stipends paid to teachers and school employees as earnable compensation for NHRS, retroactive to August 29, 2008.
- HB 497: 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 2020.
- HB 616: This bill grants a 1.5% cost-of-living adjustment (COLA) to retirees who retired on or before July 1, 2014, or any beneficiary of such member who is receiving a pension benefit. The COLA would take effect on the retired member's first anniversary date occurring after July 1, 2020.
- HB 629: This bill establishes a defined contribution state retirement plan for new members of the retirement system who begin service on or after July 1, 2019.
- HB 675: This bill modifies the cost calculation methodologies for the purchase of service credit in the retirement system for active service in the armed forces prior to NHRS membership and in cases of employer enrollment oversight.
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:
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 37,000 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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