For Immediate Release: September 8, 2019
Contact: [email protected]; (603) 410-3671
CONCORD, NH – Legislation enacted in 2019 will provide a permanent cost-of-living adjustment (COLA) to eligible retirees and beneficiaries receiving a pension benefit from the New Hampshire Retirement System (NHRS, the retirement system) beginning in 2020.
House Bill 616 grants a one-time, 1.5% COLA on the first $50,000 of an annual pension benefit to members who retired on or before July 1, 2014, or any beneficiary of such member who is receiving a survivorship pension benefit. The COLA will take effect on the retired member’s first anniversary date of retirement occurring after July 1, 2020.
|If your retirement date was on …
||The COLA will be added to your monthly pension benefit in …
|August 1, 2013, or any prior year
|September 1, 2013, or any prior year
|October 1, 2013, or any prior year
|November 1, 2013, or any prior year
|December 1, 2013, or any prior year
|January 1, 2014, or any prior year
|February 1, 2014, or any prior year
|March 1, 2014, or any prior year
|April 1, 2014, or any prior year
|May 1, 2014, or any prior year
|June 1, 2014, or any prior year
|July 1, 2014, or any prior year
COLAs and other supplemental allowances are not automatic every year. The Legislature must vote on what, if any, COLAs or other allowances will be granted. This is the first COLA since 2010.
House Bill 616 was signed into law by the Governor on September 6, 2019.
The COLA will be funded over 20 years through an increase in employer contribution rates that will begin in fiscal year 2022.
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and nearly 470 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 37,000 pension recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
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