relative to the calculation of group II retirement benefits in the retirement system.

This bill modifies how retirement benefits are calculated for Group II members of the New Hampshire Retirement System, specifically affecting those who were already vested before January 1, 2012, and those who started working after July 1, 2011. It establishes new rules for early retirement, allowing eligible members to retire at age 45 with 20 years of service or age 50 with 25 years of service, while requiring a minimum age of 52.5 for those who began service after 2011 unless they accept a reduced benefit. The legislation also sets a minimum annual pension of $10,000 for qualifying retirees and adjusts the percentage used to calculate pension amounts based on years of service, with different rates applying to pre-2012 and post-2011 employees. Additionally, the bill updates disability retirement formulas and includes a specific appropriation to fund these changes.