HB 1535-FN - AS AMENDED BY THE SENATE

17Feb2022... 0551h

31Mar2022... 1151h

04/28/2022   1683s

2022 SESSION

22-2655

10/08

HOUSE BILL 1535-FN

AN ACT relative to a one-time allowance for certain state retirees.

SPONSORS: Rep. Merner, Coos 7; Rep. Deshaies, Carr. 6; Rep. Guthrie, Rock. 13; Rep. Bordes, Belk. 3

COMMITTEE: Executive Departments and Administration

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AMENDED ANALYSIS

This bill grants a one-time additional allowance to certain retirees in the state retirement system.  The bill makes a general fund appropriation for the retirement allowances.

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

17Feb2022... 0551h

31Mar2022... 1151h

04/28/2022   1683s 22-2655

10/08

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty Two

AN ACT relative to a one-time allowance for certain state retirees.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1  Retirement System; Additional Allowance; Appropriation.

I.  An additional one-time allowance of $500 shall be paid during state fiscal year 2023 to retired members of the retirement system, or any beneficiary of such member receiving an allowance, who are eligible as follows:

(a)  The member has been retired for at least 60 months prior to or on July 1, 2022; and

(b)  The annual retirement allowance of the member or beneficiary on June 30, 2022 is not greater than $30,000.

II.  The additional allowance shall not become a permanent addition to the member's base retirement allowance.

III.  The sum of $11,750,000 is hereby appropriated for the fiscal year ending June 30, 2023 to the board of trustees of the retirement system to fund the additional allowances granted under this act.  The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.

IV.  The payment of the one-time allowance shall be made by the retirement system as soon as administratively practicable after the effective date of this section, but not later than November 1, 2022.

2  Effective Date.  This act shall take effect July 1, 2022.

LBA

22-2655

Amended 5/3/22

HB 1535-FN- FISCAL NOTE

AS AMENDED BY THE SENATE (AMENDMENT #2022-1683s)

AN ACT relative to a one-time allowance for certain state retirees.

FISCAL IMPACT:      [ X ] State              [    ] County               [    ] Local              [    ] None

METHODOLOGY:

This bill grants a one-time additional allowance in the amount of $500 to retirees, or any beneficiary of such retiree, in the state retirement system who has an annual retirement allowance of no more than $30,000 on June 30, 2022 and has been retired for at least 60 months prior to or on July 1, 2022. This $500 additional allowance shall not become a permanent addition to a retiree's base retirement allowance.  This bill makes an $11,750,000 general fund appropriation to the New Hampshire Retirement System to fund the one-time retirement payments.  

The New Hampshire Retirement System actuary estimates the bill will cost $11,633,000 based on each eligible retiree alive on the June 30, 2019 valuation date that would receive a payment.

AGENCIES CONTACTED:

New Hampshire Retirement System