HB 181 – FINAL VERSION
HOUSE BILL 181
This bill establishes a study committee on the special account in the New Hampshire retirement system and the most appropriate way for increasing special account balances.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
AN ACT establishing a committee to study the special account in the New Hampshire retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
8:1 Committee Established. There is established a committee to study the special account in the New Hampshire retirement system.
8:2 Membership and Compensation.
I. The members of the committee shall be as follows:
(a) Three members of the house of representatives, one of whom shall be a member of the executive departments and administration committee and one of whom shall be a member of the finance committee, appointed by the speaker of the house of representatives.
(b) Three members of the senate, appointed by the president of the senate.
II. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.
8:3 Duties. The committee shall:
I. Study and develop the most appropriate method for increasing special account balances in order to provide COLAs for retirees in the future. The committee may consider increasing employee contributions as an appropriate method and shall determine how much employee contributions would have to be increased in order to fund member special accounts at a level that would allow for 5 percent cost of living adjustments for each of 3 years.
II. Study and develop strategies for increasing special account balances in order to extend health insurance subsidies for future retirees.
III. Seek input from the staff and board members of the New Hampshire retirement system and representatives of the various groups covered by the system during the course of the study.
IV. Study any other matter the committee deems relevant.
8:4 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named house member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Four members of the committee shall constitute a quorum.
8:5 Report. The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before September 1, 2005.
8:6 Effective Date. This act shall take effect upon its passage.
(Approved: May 3, 2005)
(Effective Date: May 3, 2005)