HB546 (2005) Detail

Relative to the status of the board of trustees of the retirement system.


CHAPTER 43

HB 546 – FINAL VERSION

2005 SESSION

05-0480

10/09

HOUSE BILL 546

AN ACT relative to the status of the board of trustees of the retirement system.

SPONSORS: Rep. Zolla, Rock 5; Sen. Flanders, Dist 7

COMMITTEE: Executive Departments and Administration

ANALYSIS

This bill provides that the board of trustees has the powers, privileges, and immunity of a corporation in managing the 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

05-0480

10/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Five

AN ACT relative to the status of the board of trustees of the retirement system.

Be it Enacted by the Senate and House of Representatives in General Court convened:

43:1 Retirement System Board; Management of Funds. Amend RSA 100-A:15, I to read as follows:

I. The members of the board of trustees shall be the trustees of the several funds created hereby and shall have full power to invest and reinvest such funds, and the board of trustees shall have the powers, privileges, and immunities of a corporation. The members of the board of trustees shall also have the power to invest and reinvest such funds in participation units in the public deposit investment pool established pursuant to RSA 383:22. Said trustees shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments in which any of the funds created hereby have been invested, as well as the proceeds of such investments. All of the assets and proceeds, and income therefrom, of the New Hampshire retirement system, and all contributions and payments made thereto, shall be held, invested or disbursed in trust solely in the interest of the members and beneficiaries of the system for the exclusive purpose of providing those benefits and defraying those reasonable administrative expenses provided for under this chapter. In the management, investment and reinvestment of system assets so held in trust hereunder, the system’s board of trustees shall exercise the judgment and care under the circumstances then prevailing, which persons of prudence, discretion and intelligence, acting in a like capacity and familiar with such matters, would use in the conduct of a pension plan of like character and with like aims as the system, and by diversifying investments of the system so as to minimize the risk of large losses to the trust fund.

43:2 Effective Date. This act shall take effect 60 days after its passage.

(Approved: May 17, 2005)

(Effective Date: July 16, 2005)

Links

HB546 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

HB546 Revision: 8986 Date: Jan. 21, 2010, midnight

Docket