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HB 1645 - State Retirement System Amendments - New Hampshire Key Vote

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Title: State Retirement System Amendments

Vote Smart's Synopsis:

Vote to pass a bill that issues amendments to the state retirement system related to medical benefits, retirement requirements, supplemental allowances, and the retirement system board of trustees.


- Eliminates the annual 8 percent increase in medical benefits for retirees beginning July 1, 2008 (Secs. 5-7). - Increases the retirement age for permanent police officers and firefighters who started after July 1, 2009 from 45 to 50 years of age (Sec. 33). - Increases the number of years of completed service required before permanent police officers and firefighters who started after July 1, 2009 become eligible for retirement from 20 to 25 years (Sec. 33). - Allows any member of the retirement system who has been retired for more than 12 months to receive supplemental allowances on the retired member's latest anniversary date equal to 2.5 percent of the member's current base retirement allowance. The minimum supplemental allowance is $500 for the 2008-2009 fiscal year, and will be annually adjusted according to inflation (Sec. 21). - Decreases the number of persons on the retirement system board of trustees from 14 to 12, removing one employee, one teacher, one permanent police officer, and one permanent firefighter, and adding two investment and/or financial experts to serve as trustees on the board (Sec. 16). - Requires the board trustees to appoint an investment committee to invest the funds of the retirement board solely in the interest of the participants and beneficiaries (Sec. 20). - Requires the audit committee to conduct a performance audit of the retirement fund at least once every three years (Sec. 20). - Establishes a Commission on Retiree Health Care Benefits Funding Model to recommend a plan for a preferential tax system for employees who do not qualify for the existing medical subsidy by December 1, 2008 (Sec. 14). - Establishes the Decennial Retirement Commission beginning in 2017 to make recommendations to ensure the long-term viability of the state retirement system (Sec. 40).