Section 14:27-c Retirement Benefits; Certain Legislative and Constitutional Officers.
I. Notwithstanding any other provision of law to the contrary, the full-time sergeant at arms, clerk, or assistant clerk of the house of representatives or the senate who is in office on the effective date of this section and the full-time secretary of state, deputy secretary of state, or state treasurer who is in office on the effective date of this section shall be entitled to all the same benefits as provided to members of the New Hampshire retirement system group I, except that after 10 years' service the officer shall be vested at 30 percent of final compensation, and 2 percent more each year thereafter of final year compensation.
II. Such full-time sergeant at arms, clerk, assistant clerk, secretary of state, deputy secretary of state, or state treasurer shall be credited with a year of service credit for each fiscal year during all or part of which the applicant served the state either full or part-time in one or more of the legislative offices listed above or in one or more of the constitutional offices listed above, provided such officer shall pay to the general fund an amount equal to 4.6 percent of the greater of the actual salary received during each such fiscal year or the lowest salary payable pursuant to RSA 99:1-a in that particular year.
III. Such full-time sergeant at arms, clerk, assistant clerk, secretary of state, deputy secretary of state, or state treasurer shall be credited with one month of service credit for each month the applicant served the state either full or part-time as an employee of the New Hampshire senate or the New Hampshire house, provided such officer shall pay to the general fund an amount equal to 4.6 percent of the actual salary received during each such month.
IV. Eligible legislative and constitutional officers in service on the effective date of this section shall exercise their option to buy back service credit under this section at any time prior to but no later than January 1, 1987.
V. Eligible legislative and constitutional officers who exercise their option under paragraph IV shall thereafter pay to the general fund an amount equal to 4.6 percent of their actual salary for each additional year of service.
V-a. In order to be consistent with the retirement benefits outlined in paragraph I, RSA 100-A:5, I(c) shall be applicable at the express option of any person eligible for retirement benefits under this section, except that, for the years of creditable service in the formula for the monthly reduction of vested deferred retirement benefits, the creditable years of service shall be applied on a prorated basis according to the formula of creditable years of service and vested benefits in RSA 14:27-c, I as a ratio to those in RSA 100-A:5, I(b).
VI. Administration of the retirement contributions and benefits for the eligible legislative and constitutional officers in this section shall be the responsibility of the commissioner of the department of administrative services.
VII. A sum sufficient to pay any and all benefits pursuant to this section is hereby continually appropriated therefor. The governor is authorized to draw his warrant for the payment thereof out of any money in the treasury not otherwise appropriated.
Source. 1986, 65:1. 1988, 282:4, eff. July 1, 1988.