NH HB727

Adds a new definition of "vested" status requiring 10 years of service for benefit eligibility, with earnable compensation and average final compensation calculations protected after 3 years of service

Changes the vested status date for Group II members (police and firefighters) from January 1, 2012 to September 1, 2013, with subsequent annual date changes through January 1, 2021 phased in from 2026-2034

Modifies maximum retirement benefit caps: members starting before January 1, 1999 limited to 100% of highest year's compensation; those starting between 1999-2011 limited to 100% of average final compensation or $125,000; post-July 2011 members limited to 85% or $125,000

Revises earnable compensation definitions by removing limitations on extra and special duty pay for certain Group II members and separating calculations between Group I (employees/teachers) and Group II (police/fire)

Appropriates $27,500,000 annually from the general fund to the retirement system from July 1, 2025 through 2034 to fund the benefit changes, with estimated total state expenditures of approximately $27.5 million per fiscal year