100-C:5 Service Retirement Benefits. –
I. Any member who has at least 15 years of creditable service and is at least 60 years of age, or who has at least 10 years of creditable service and is at least 65 years of age, or who has at least 7 years of service and is 70 years of age may retire on a service retirement allowance or a reduced service retirement allowance, upon written application to the board setting forth on what date, not less than 30 days nor more than 90 days subsequent to the filing of the application, the member desires to be retired. During such period of notification, the member may have separated from service.
II. A member who is at least 65 years of age with 10 years of creditable service may retire on a service retirement allowance equal to 75 percent of the member's final year's salary.
III. A member who is 70 years of age with 7 years of creditable service may retire on a service retirement allowance equal to 45 percent of the member's final year's salary. A member who is 70 years of age shall be granted an additional 10 percent over the 45 percent level for each year of creditable service the member has over 7 years.
IV. A member who is at least 60 years of age with at least 15 years of service may retire on a service retirement allowance equal to 70 percent of the member's final year's salary. A member who has at least 15 years of service and is at least 60 years of age shall be granted an additional percent over the 70 percent level for each year of continued service over 15 years.
V. Under no circumstance shall any service retirement allowance pursuant to this section exceed 75 percent of the member's final year's salary.
VI. Any member attaining eligibility for 75 percent of the member's final year's salary shall not be required to make employee contributions to the plan pursuant to RSA 100-C:14.
VII. A member who has a minimum of 5 years of creditable service and who is not eligible for a retirement service allowance under this section may retire without a retirement service allowance at any time. Election to retire under this section shall terminate the judge's membership in the judicial retirement plan and shall irrevocably extinguish the judge's rights under RSA 491-A:1 and under RSA 100-C:6 and RSA 100-C:7. Election to retire under this section shall entitle the judge to payment of his or her accumulated contributions to the member annuity savings fund, together with any interest that may have accrued at rates determined by the board of trustees.
Source. 2003, 311:1. 2008, 314:1, eff. Aug. 31, 2008.