New Hampshire Revised Statutes 103:8 – Additional Retirement Allowance
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In addition to the assessment made on the assessable part of any policeman’s annual salary as hereinbefore provided, and subject to the approval of the board and to such rules and regulations as the board may prescribe with respect thereto, any permanent policeman may provide for himself an additional retirement allowance by making special deposits in his individual account. Such special deposits together with interest credited thereon as determined by the board shall be paid to him upon resignation or dismissal from service, or to his estate or his designated beneficiary upon his death before retirement. Upon his retirement for any cause, his accumulated special deposits shall be returnable to him in cash, or, at his election, part or all of such accumulated special deposits may be taken as a monthly annuity of equivalent actuarial value; provided such annuity together with his regular monthly retirement allowance shall not exceed a sum equal to
1/2 his average monthly salary during the 12-month period preceding his retirement.
1/2 his average monthly salary during the 12-month period preceding his retirement.
Terms Used In New Hampshire Revised Statutes 103:8
- 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
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: