New Hampshire Revised Statutes 100-A:41-e – Cost of Living Adjustment; Supplemental Allowance
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I. Any retired member of the New Hampshire retirement system or any of its predecessor systems, who has been retired for at least 60 months prior to or on July 1, 2019, or any beneficiary of such member who is receiving an allowance, shall be entitled to receive a cost of living adjustment (COLA) as a supplemental allowance, on the retired member’s first anniversary date occurring after July 1, 2020. The amount of such supplemental allowance shall be 1
1/2 percent of a member’s or beneficiary‘s annual retirement allowance which is $50,000 or less, or otherwise 1
1/2 percent of the first $50,000 of a retired member’s or beneficiary’s allowance.
II. The total actuarial cost of the supplemental allowance under paragraph I, as determined by the actuary and certified by the board of trustees of the retirement system, shall be terminally funded from the state annuity accumulation fund.
III. The supplemental allowance shall become a permanent addition to the beneficiary’s base retirement allowance and shall be included in the monthly annuity paid to the retired member, or to the member’s beneficiary if the member is deceased and the beneficiary is receiving an allowance under N.H. Rev. Stat. § 100-A:8, 100-A:9, 100-A:12, 100-A:13, or similar provisions of predecessor systems.
1/2 percent of a member’s or beneficiary‘s annual retirement allowance which is $50,000 or less, or otherwise 1
Terms Used In New Hampshire Revised Statutes 100-A:41-e
- Actuary: shall mean (a) a member of the American Academy of Actuaries or (b) an individual who has demonstrated to the satisfaction of the state insurance commissioner that he has the educational background necessary for the practice of actuarial science and has had at least 7 years of actuarial experience. See New Hampshire Revised Statutes 100-A:1
- 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
- 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
- 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
- Retirement system: shall mean the New Hampshire Retirement System as defined in N. See New Hampshire Revised Statutes 100-A:1
- State: shall mean the state of New Hampshire. See New Hampshire Revised Statutes 100-A:1
1/2 percent of the first $50,000 of a retired member’s or beneficiary’s allowance.
II. The total actuarial cost of the supplemental allowance under paragraph I, as determined by the actuary and certified by the board of trustees of the retirement system, shall be terminally funded from the state annuity accumulation fund.
III. The supplemental allowance shall become a permanent addition to the beneficiary’s base retirement allowance and shall be included in the monthly annuity paid to the retired member, or to the member’s beneficiary if the member is deceased and the beneficiary is receiving an allowance under N.H. Rev. Stat. § 100-A:8, 100-A:9, 100-A:12, 100-A:13, or similar provisions of predecessor systems.