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HB 616 - Establishes a 1.5 Percent Cost of Living Adjustment for Retired Public Employees - New Hampshire Key Vote

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Title: Establishes a 1.5 Percent Cost of Living Adjustment for Retired Public Employees

Signed by Governor Chris Sununu


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Title: Establishes a 1.5 Percent Cost of Living Adjustment for Retired Public Employees

Vote Smart's Synopsis:

Vote to pass a bill that establishes a 1.5 percent cost of living adjustment (COLA) for retired public employees.

Highlights:

 

  • Specifies that any retired member of the New Hampshire Retirement System who has been retired for at least 60 months prior to July 1, 2019 is entitled to a cost of living adjustment (COLA) on the retired member’s first anniversary date following July 1, 2020 (Sec. 1).

  • Specifies that the COLA will consist of 1.5 percent of a member’s or beneficiary’s annual retirement allowance which is $50,000 or less, or 1.5 percent of the first $50,000 of a retired member’s allowance (Sec. 1). 

  • Requires the board of trustees of the retirement system to determine the total actuarial cost of the COLA and use the state annuity accumulation fund to finance the COLA (Sec. 1). 

  • Requires the COLA to become a permanent addition to the member’s base retirement allowance and will be included in a monthly annuity paid to the retired member or the member’s beneficiary if the member is deceased (Sec. 1).

Full Bill Text

Title: Establishes a 1.5 Percent Cost of Living Adjustment for Retired Public Employees

Title: Establishes a 1.5 Percent Cost of Living Adjustment for Retired Public Employees

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