Bill Text: NH SB244 | 2012 | Regular Session | Introduced
Bill Title: Relative to the administration of the New Hampshire retirement system.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2012-06-11 - Senate Signed by the Governor on 06/11/12; Chapter 0194 [SB244 Detail]
Download: New_Hampshire-2012-SB244-Introduced.html
SB 244-FN – AS INTRODUCED
2012 SESSION
10/09
SENATE BILL 244-FN
AN ACT relative to the administration of the New Hampshire retirement system.
SPONSORS: Sen. Groen, Dist 6; Sen. Bradley, Dist 3; Rep. Hawkins, Hills 18
COMMITTEE: Executive Departments and Administration
This bill clarifies recent changes to the administration of the New Hampshire retirement system.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
12-2917
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
AN ACT relative to the administration of the New Hampshire retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Average Final Compensation. Amend RSA 100-A:1, XVIII(a) to read as follows:
(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. For purposes of this calculation, the inclusion of the average annual compensation for extra and special duty, as reported by the employer on or after July 1, 2009 under RSA 100-A:16, VI, in the 3 years shall not exceed the average annual amount of compensation for extra and special duty paid to the member over the member’s last 7 years or over all of the years in his or her creditable service if less than 7 years.
2 Accidental Disability Retirement; Group II; Transition. Amend RSA 100-A:6, II(d)(3) to read as follows:
(3) For group II members who have not attained vested status prior to January 1, 2012, calculation of the supplemental allowance shall [be as provided] use the percentage multipliers for the corresponding years of creditable service on January 1, 2012 in the transition provisions in RSA 100-A:5, II(d) with the range for the number of excess years for the supplement adjusted proportionally.
3 Method of Financing; Calculation of Interest. Amend RSA 100-A:16, II(g) to read as follows:
(g) All interest and dividends earned on the funds of the retirement system shall be credited to the state annuity accumulation fund. The board of trustees shall allow interest on the individual accounts of members in the member annuity savings fund and shall annually transfer such interest amount from the state annuity accumulation fund. The rate of interest for the calendar year beginning January 1 shall be 2 percentage points less than either the most recent board of trustees approved assumed rate of return determined under RSA 100-A:16, II(h) or the actual rate of return, whichever is lower, for the immediately preceding fiscal year as reported in the comprehensive annual financial report (CAFR) as approved and accepted by the board of trustees by December 1 of each year, provided the rate shall not be less than zero. Such interest shall be compounded at an annual rate and shall be prorated and credited to the member annuity savings fund to the date of processing upon termination of active service for any reason including withdrawal, retirement, or death.
4 Definition of Part-Time. Amend RSA 100-A:1, XXXIV to read as follows:
XXXIV. “Part-time,” for purposes of employment of a retired member of the New Hampshire retirement system, but excepting per diem court security officers and court bailiffs, means total hours of employment by [an employer] one or more employers depending on the group classification of the employment as follows:
(a) For group I, part-time employment of the retired member during a calendar year shall not exceed 32 hours in [a] each normal calendar week[; except for]. Group I employment [which] in some instances may exceed 32 hours in any normal calendar week[.] provided that in such case, the total hours of part-time employment of the retired member shall not exceed 1,300 hours in a calendar year, and so long as such part-time employment does not occur outside of a 5-consecutive-month period in any 12-month period.
(b) For group II, part-time employment of the retired member during a calendar year shall not exceed 32 hours in [a] each normal calendar week[; except for]. Group II employment [which] in some instances may exceed 32 hours in any normal calendar week[.] provided that in such case, the total hours of part-time employment of the retired member shall not exceed 1,300 hours in a calendar year, and so long as such part-time employment does not occur outside of a 5-consecutive-month period in any 12-month period.
5 Effective Date. This act shall take effect upon its passage.
LBAO
12-2917
11/15/11
SB 244-FN - FISCAL NOTE
AN ACT relative to the administration of the New Hampshire retirement system.
FISCAL IMPACT:
The New Hampshire Retirement System states this bill will have no impact on state, county, and local revenues or expenditures.
METHODOLOGY:
The New Hampshire Retirement System states this bill includes technical corrections to Chapter 224, Laws of 2011 (HB 2 of the 2011 session). The System states as this bill only clarifies changes made in the 2011 session, there will be no fiscal impact.
