For Immediate Release: January 11, 2022
Contact: Marty Karlon, Director of Communications & Legislative Affairs, (603) 410-3594; firstname.lastname@example.org
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 legislation that may have a cost impact on political subdivision employers. The following legislation has been introduced as of January 10, 2022. NHRS will send further notifications if additional legislation with a financial impact is introduced.
- House Bill 1318: This bill establishes an employer penalty for noncompliance with certain data reporting requirements necessary for the administration of the retirement system.
- House Bill 1417: This bill provides that the state shall pay 7.5 percent of local employer contributions for Group I teachers and Group II police and fire members.
- House Bill 1535: This bill establishes an initial cost-of-living adjustment in 2022, and subsequent increases subject to the prior approval of the NHRS Board of Trustees, to be paid by the retirement system on the first $30,000 of an eligible retiree's or beneficiary's pension benefit.
- House Bill 1587: This bill modifies the calculation of compensation paid in excess of the full base rate of pay under the definition of Average Final Compensation for Group II members hired on or after July 1, 2011, or who had not attained vested status prior to January 1, 2012.
- House Bill 1590: This bill establishes a procedure for political subdivision members of the retirement system to vote to withdraw from participation for its Group I employees hired after the effective date of the vote.
- Senate Bill 363: This bill allows certain retirement system members to purchase nonqualified service time as group II creditable service in order to reduce certain transition provision requirements for retirement.
- Senate Bill 411: This bill establishes a new disability benefit for Group II members retired due to a violent injury.
- Senate Bill 434: This bill links the recalculation of a Group I retiree’s annuity to his or her full retirement age under the federal Social Security system.
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 more than 460 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has more than 48,500 active members and 41,000 benefit 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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