Bill Text: NH HB463 | 2011 | Regular Session | Introduced
Bill Title: Relative to the retirement system maximum initial benefit limitation.
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2011-10-04 - House Committee Report: Inexpedient to Legislate for Jan 4 (Vote 11-0; Consent Calendar) [HB463 Detail]
Download: New_Hampshire-2011-HB463-Introduced.html
HB 463-FN – AS INTRODUCED
2011 SESSION
10/01
HOUSE BILL 463-FN
AN ACT relative to the retirement system maximum initial benefit limitation.
SPONSORS: Rep. Hawkins, Hills 18; Rep. Harding, Graf 11; Rep. Kurk, Hills 7; Rep. Reagan, Rock 1; Rep. Bouchard, Merr 11
COMMITTEE: Special Committee on Public Employee Pensions Reform
This bill limits the initial retirement benefit under the retirement system to the member’s highest year of base pay for all members who become vested after July 1, 2011.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0366
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT relative to the retirement system maximum initial benefit limitation.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Maximum Benefit Limitation; Initial Calculation. Amend RSA 100-A:6-a to read as follows:
100-A:6-a Maximum Retirement Benefit. Notwithstanding any other provision of this chapter to the contrary, for members who [commenced service before July 1, 2009] attain vested status before July 1, 2011, a member’s initial calculation of the retirement benefit granted under the provisions of RSA 100-A:5 or RSA 100-A:6 shall not exceed 100 percent of the member’s highest year of earnable compensation. For members who [commenced service on or after July 1, 2009] attain vested status on or after July 1, 2011, a member’s maximum retirement benefit granted under the provisions of RSA 100-A:5 or RSA 100-A:6 shall not exceed [$120,000] 100 percent of the member’s highest year of base pay. Nothing in this section shall affect the ability of a member to receive disability benefits pursuant to RSA 100-A:6, II(b) and (c). This provision shall not limit the application of supplemental allowances under RSA 100-A:41-a.
2 Effective Date. This act shall take effect July 1, 2011.
LBAO
11-0366
01/19/11
HB 463-FN - FISCAL NOTE
AN ACT relative to the retirement system maximum initial benefit limitation.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from the New Hampshire Retirement System. When completed, the fiscal note will be forwarded to the House Clerk's Office.
