New Hampshire Revised Statutes 100-A:6-a – Maximum Retirement Benefit
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Terms Used In New Hampshire Revised Statutes 100-A:6-a
- Average final compensation: shall mean :
(a) For members who have attained vested status prior to January 1, 2012, the average annual earnable compensation of a member during his or her highest 3 years of creditable service, or during all of the years in his or her creditable service if less than 3 years. See New Hampshire Revised Statutes 100-A:1 - Earnable compensation: shall mean :
(a) For members who have attained vested status prior to January 1, 2012 the full base rate of compensation paid, as determined by the employer, plus any overtime pay, holiday and vacation pay, sick pay, longevity or severance pay, cost of living bonus, annual attendance stipend or bonus, additional pay for extracurricular and instructional activities for full-time teachers and full-time employees who are employed in paraprofessional or support position, additional pay for instructional activities of full-time faculty of the community college system, and any military differential pay, plus the fair market value of non-cash compensation paid to, or on behalf of, the member for meals or living quarters if subject to federal income tax, but excluding other compensation except cash incentives paid by an employer to encourage members to retire, supplemental pay paid by the employer while the member is receiving workers' compensation, and teacher development pay that is not part of the contracted annual salary. 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
- Service: shall mean service as an employee, a teacher, a permanent policeman or a permanent fireman which is paid for by an employer. See New Hampshire Revised Statutes 100-A:1
Notwithstanding any other provision of this chapter to the contrary, for members who commenced service before July 1, 2009, or have attained vested status prior to January 1, 2012, a member‘s initial calculation of the retirement benefit granted under the provisions of N.H. Rev. Stat. § 100-A:5 or N.H. Rev. Stat. § 100-A:6 shall not exceed 100 percent of the member’s highest year of earnable compensation. For members who commenced service on or after July 1, 2009 and have not attained vested status prior to January 1, 2012, a member’s maximum retirement benefit granted under the provisions of N.H. Rev. Stat. § 100-A:5 or N.H. Rev. Stat. § 100-A:6 shall not exceed the lesser of 85 percent of the member’s average final compensation or $120,000. Nothing in this section shall affect the ability of a member to receive disability benefits pursuant to N.H. Rev. Stat. § 100-A:6, II(b) and (c). This provision shall not limit the application of supplemental allowances.