HB 536-FN - AS INTRODUCED
2025 SESSION
25-0880
09/05
HOUSE BILL536-FN
AN ACTrelative to a cost of living adjustment in the state retirement system.
SPONSORS:Rep. Grote, Rock. 24; Rep. Leishman, Hills. 33; Sen. Altschiller, Dist 24; Sen. Watters, Dist 4
COMMITTEE:Executive Departments and Administration
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ANALYSIS
This bill provides a cost of living adjustment to members of the New Hampshire retirement system who have been retired for at least 60 months as of July 1, 2025.
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Explanation:Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-0880
09/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Five
AN ACTrelative to a cost of living adjustment in the state retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Retirement System; Cost of Living Adjustment. Amend RSA 100-A by inserting after section 41-e the following new section:
100-A:41-f ?Cost of Living Adjustment; Supplemental Allowance.
I. ?Any retired member of the New Hampshire retirement system or any of its predecessor systems, who has been retired for at least 60 months prior to or on July 1, 2025, or any beneficiary of such member who is receiving an allowance, shall be entitled to receive a cost of living adjustment (COLA) as a supplemental allowance, on the retired member's first anniversary date occurring on or after July 1, 2026. ? The amount of such supplemental allowance shall be 1-1/2 percent of a member's or beneficiary's annual retirement allowance which is $50,000 or less, or otherwise 1-1/2 percent of the first $50,000 of a retired member's or beneficiary's allowance.?
II. ?The total actuarial cost of the supplemental allowance under paragraph I, as determined by the actuary and certified by the board of trustees of the retirement system, shall be terminally funded from the state annuity accumulation fund.
III. ?The supplemental allowance shall become a permanent addition to the beneficiary's base retirement allowance and shall be included in the monthly annuity paid to the retired member, or to the member’s beneficiary if the member is deceased and the beneficiary is receiving an allowance under RSA 100-A:8, 100-A:9, 100-A:12, 100-A:13, or similar provisions of predecessor systems.
2 Effective Date. This act shall take effect July 1, 2025.
LBA
25-0880
1/7/25
HB 536-FN- FISCAL NOTE
AS INTRODUCED
AN ACTrelative to a cost of living adjustment in the state retirement system.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from New Hampshire Retirement System. The Department was contacted on 12/16/24 for a fiscal note worksheet. When completed, the fiscal note will be forwarded to the House Clerk's Office.
AGENCIES CONTACTED:
New Hampshire Retirement System