New Hampshire Revised Statutes 100-A:28-b – Certain Teacher and Employee Members; Gainful Occupation
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Terms Used In New Hampshire Revised Statutes 100-A:28-b
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: shall mean any person receiving a retirement allowance or other benefit as provided herein. See New Hampshire Revised Statutes 100-A:1
- board: shall mean the board provided for in N. See New Hampshire Revised Statutes 100-A:1
- Board of trustees: or "board" shall mean the board provided for in N. See New Hampshire Revised Statutes 100-A:1
- Member: shall mean any person included in the membership of the retirement system, as provided in N. See New Hampshire Revised Statutes 100-A:1
- Member annuity: shall mean annual payments for life derived from the accumulated contributions of the member. See New Hampshire Revised Statutes 100-A:1
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions hereof. See New Hampshire Revised Statutes 100-A:1
- Retirement allowance: shall mean the sum of the member annuity and the state annuity. See New Hampshire Revised Statutes 100-A:1
- State: shall mean the state of New Hampshire. See New Hampshire Revised Statutes 100-A:1
- State annuity: shall mean annual payments for life derived from contributions by an employer. See New Hampshire Revised Statutes 100-A:1
If the board of trustees finds that any disability beneficiary, receiving benefits under the provisions of N.H. Rev. Stat. Chapter 100 or RSA 192, is engaged in or is able to engage in a gainful occupation paying more than the difference between his retirement allowance and the annual amount of compensation currently payable for the job classification last held by the beneficiary prior to his disability retirement, then his state annuity shall be reduced to an amount which, together with his member annuity and the annual amount earnable by him, is equal to the annual amount of compensation currently payable for the job classification last held by the disabled beneficiary. Such reduction shall not be made if the disabled beneficiary demonstrates to the satisfaction of the board of trustees that the annual compensation currently earnable by him does not exceed the difference between his retirement allowance and the annual amount of compensation currently payable for the job classification which he last held prior to his disability retirement. If his earning capacity is later changed, his state annuity may be further modified; provided that the new state annuity shall not exceed the amount of the state annuity originally granted nor an amount which, when added to the amount earnable by him, together with his member annuity, equals the annual amount of compensation currently payable for the job classification last held prior to his disability retirement. It shall be the responsibility of the disability beneficiary to file with the board of trustees, annually on a date determined by the board, proof of the annual amount of compensation currently earnable by him and of the annual amount of compensation currently payable for the job classification last held by him prior to his disability retirement.