Vote Smart's Synopsis:

Vote to adopt a conference report that amends state programs including, but not limited to, the New Hampshire Retirement System.

Highlights:

• Increases the rates of certain employee contributions to the New Hampshire Retirement System as follows (Sec. 172):
• For Group I employees, from 5 percent to 7 percent;
• For Group II permanent firemen, from 9.3 percent to 11.80 percent; and
• For Group II permanent policemen, from 9.30 to 11.55.

• Increases the age at which a Group I employee who commenced service after July 1, 2011 is eligible to receive retirement benefits and medical benefits from 60 years of age to 65 years of age (Secs. 165 & 166).

• Increases the age at which a Group II employee who commenced service after July 1, 2011 is eligible to receive retirement benefits and medical benefits from 50 years of age to 52.5 years of age (Secs. 165 & 166).

• Repeals the employer contribution to the New Hampshire Retirement System for employers other than the state effective in state fiscal year 2013, whereas existing law required employers other than the state to pay 75 percent of employee contributions (Sec. 191).

• Limits the maximum initial retirement benefit for members of the New Hampshire Retirement System who have commenced service on or after July 1, 2009 or have not attained vested status prior to January 1, 2012 to the lesser of 85 percent of the member's average final compensation or $120,000, whereas existing law limited the maximum benefit to $120,000 (Sec. 164).

Full Bill Text

Vote Smart's Synopsis:

Vote to adopt a conference report that amends state programs including, but not limited to, the New Hampshire Retirement System.

Highlights:

• Increases the rates of certain employee contributions to the New Hampshire Retirement System as follows (Sec. 172):
• For Group I employees, from 5 percent to 7 percent;
• For Group II permanent firemen, from 9.3 percent to 11.80 percent; and
• For Group II permanent policemen, from 9.30 to 11.55.

• Increases the age at which a Group I employee who commenced service after July 1, 2011 is eligible to receive retirement benefits and medical benefits from 60 years of age to 65 years of age (Secs. 165 & 166).

• Increases the age at which a Group II employee who commenced service after July 1, 2011 is eligible to receive retirement benefits and medical benefits from 50 years of age to 52.5 years of age (Secs. 165 & 166).

• Repeals the employer contribution to the New Hampshire Retirement System for employers other than the state effective in state fiscal year 2013, whereas existing law required employers other than the state to pay 75 percent of employee contributions (Sec. 191).

• Limits the maximum initial retirement benefit for members of the New Hampshire Retirement System who have commenced service on or after July 1, 2009 or have not attained vested status prior to January 1, 2012 to the lesser of 85 percent of the member's average final compensation or $120,000, whereas existing law limited the maximum benefit to $120,000 (Sec. 164).

Full Bill Text