HB149 (2009) Detail

Relative to benefit eligibility of certain members of the city of Manchester employees' contributory retirement system.


CHAPTER 151

HB 149 – FINAL VERSION

2009 SESSION

09-0124

10/05

HOUSE BILL 149

AN ACT relative to benefit eligibility of certain members of the city of Manchester employees’ contributory retirement system.

SPONSORS: Rep. Baroody, Hills 13; Rep. Pepino, Hills 11; Rep. Goley, Hills 8

COMMITTEE: Executive Departments and Administration

ANALYSIS

This bill clarifies benefit eligibility for members of the city of Manchester employees’ contributory retirement system who terminate employment after age 60 regardless of their accrued service credit.

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

09-0124

10/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Nine

AN ACT relative to benefit eligibility of certain members of the city of Manchester employees’ contributory retirement system.

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

151:1 Manchester Employees’ Contributory Retirement System; Benefits Upon Termination of Employment Prior to Normal Retirement Date. Amend 1973, 218:11 as amended by 2002, 194:1 to read as follows:

218:11 Benefits Upon Termination of Employment Prior to Normal Retirement Date.

I. Any member who has not attained the normal retirement date and whose employment is terminated prior to the completion of 5 years of service and who is not entitled to a disability retirement pension shall receive a refund of his or her contributions together with regular interest thereon to the date of payment. Such refund shall be in lieu of all other rights and benefits payable to the member under this act. Any member who has attained the normal retirement date, but who wishes to receive a lump sum distribution of accumulated contributions plus interest in lieu of a monthly retirement benefit pursuant to section 12 of this act, may do so upon completion of a waiver of benefits provided by the retirement system.

II. Any member whose employment is terminated prior to normal retirement date and after the completion of at least 5 years of service and who is not entitled to an early retirement pension or a disability retirement pension, and who does not elect to receive a cash refund of the member’s contribution together with regular interest, will be entitled to receive, commencing on the normal retirement date, an annual pension computed in accordance with the provisions of section 12 of this act based on the member’s total amount of service.

III. A member who is entitled to a deferred vested pension in accordance with the provisions of paragraph II of this section may, in lieu of all other rights and benefits under this plan, elect at any time prior to the member’s retirement date to receive a cash refund of the member’s contribution together with regular interest thereon to the date of payment upon completion of a waiver of benefits provided by the retirement system.

151:2 Effective Date. This act shall take effect upon its passage.

Approved: July 8, 2009

Effective Date: July 8, 2009