Revision: Jan. 11, 2010, midnight
CHAPTER 355
HB 876-FN-LOCAL – FINAL VERSION
27Mar2007… 0950h
05/24/07 1390s
27Jun2007… 2310cofc
2007 SESSION
10/04
HOUSE BILL 876-FN-LOCAL
AN ACT establishing a commission to make recommendations to ensure the long-term viability of the New Hampshire retirement system, and making an appropriation therefor.
COMMITTEE: Executive Departments and Administration
This bill establishes a commission to make recommendations to ensure the long-term viability of the New Hampshire retirement system. The bill makes an appropriation to the commission for purposes of the duties of the commission.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
27Mar2007… 0950h
05/24/07 1390s
27Jun2007… 2310cofc
07-0398
10/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT establishing a commission to make recommendations to ensure the long-term viability of the New Hampshire retirement system, and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
355:1 Commission Established. There is established a commission to make recommendations to ensure the long-term viability of the New Hampshire retirement system.
355:2 Membership and Compensation.
I. The members of the commission shall be as follows:
(a) Three members of the house of representatives, one of whom shall be from the executive departments and administration committee and one of whom shall be from the finance committee, appointed by the speaker of the house of representatives.
(b) Two members of the senate, appointed by the president of the senate.
(c) The chairman of the New Hampshire retirement system board of trustees, or designee.
(d) Three representatives of group I of the retirement system, appointed by the governor.
(e) Three representatives of group II of the retirement system, appointed by the governor.
(f) Three representatives of municipal and school employers in the retirement system, appointed by the governor.
(g) Four public members with recognized expertise in finance, financial management, or the governance and oversight of large endowments or public funds, appointed by the governor.
(h) Two retired members of the retirement system currently receiving benefits, one of whom shall be a group I retiree and one of whom shall be a group II retiree, appointed jointly by the speaker of the house of representatives and the president of the senate.
II. Legislative members of the commission shall receive mileage at the legislative rate when attending to the duties of the commission.
355:3 Duties. The commission shall:
I. Study the history of funding, benefits, and investment results of the New Hampshire retirement system.
II. Review the structure and governance of the New Hampshire retirement system.
III. Analyze the current financial status of the retirement system, and the challenges facing the system in the future.
IV. Assess the changes to general accounting standards and their potential effect on the retirement system.
V. Make recommendations for ensuring the long-term viability of the retirement system, including an appropriate funding methodology.
VI. Design a sustainable and affordable cost of living increase for plan participants which may be adopted by the legislature as part of the retirement system.
VII. Study the limitation on maximum benefit amounts.
VIII. Study the issue of equity in contribution rates between employers and employees.
IX. Study other matters deemed necessary by the commission.
X. Seek technical assistance as necessary from the New Hampshire retirement system and from other independent financial, investment, actuarial, and retirement experts. The commission may employ support staff for the purposes of its duties.
355:4 Chairperson; Meetings. The governor, in consultation with the president of the senate and the speaker of the house of representatives, shall designate a chairperson from among the members. The first meeting of the commission shall be called by the chairperson. The first meeting of the commission shall be held within 45 days of the effective date of this section.
355:5 Report. The commission 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 December 1, 2007.
355:6 Appropriation; Donations.
I. There is hereby appropriated the sum of $100,000 for fiscal year 2008 which may be expended by the commission established by this act for the purposes of this act. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
II. The commission is authorized to accept and expend private sector grants, gifts, or donations of any kind for the purpose of the duties required in this act. Any moneys collected shall be continually appropriated to the commission for the purposes of this act.
355:7 Effective Date. This act shall take effect upon its passage.
Approved: July 17, 2007
Effective: July 17, 2007