HB 289 – AS INTRODUCED
2009 SESSION
10/01
HOUSE BILL 289
AN ACT relative to the requiring financial and business management experience for membership on the board of trustees of the New Hampshire retirement system.
SPONSORS: Rep. Hawkins, Hills 18; Rep. Kurk, Hills 7; Rep. Reagan, Rock 1
COMMITTEE: Executive Departments and Administration
This bill removes current requirements and procedures for appointment to the board of trustees of the New Hampshire retirement system and adds the requirement that all appointed board members shall have experience in finance, business, or investment.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
09-0190
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to the requiring financial and business management experience for membership on the board of trustees of the New Hampshire retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Board of Trustees. Amend RSA 100-A:14, I to read as follows:
I. The administration of this system is vested in a board of 14 trustees. Each newly appointed or reappointed trustee shall have [familiarity with or] experience in finance or business management. The state treasurer shall be an ex officio voting member of the board. The governor and council shall appoint [2 trustees, to be known as non-member] the remaining trustees, who [shall be qualified persons with investment and/or financial experience as provided in this paragraph and not be members of the system, and who] shall serve for a term of 2 years and until their successors are appointed and qualified. The [non-member] appointed trustees of the board shall have substantial experience in the field of institutional investment or finance, taking into account factors such as educational background, business experience, and professional licensure and designations. [The original appointment of one of the non-member trustees shall be for a term of one year. The remaining 11 members of the board shall consist of 2 employees, 2 teachers, 2 permanent policemen, 2 permanent firemen one member of the senate who shall be appointed annually by the senate president, one member of the house of representatives who serves on the executive departments and administration committee and who shall be appointed annually by the speaker of the house, and one person representing management in local government. Whenever a vacancy occurs, the senate president or the speaker of the house shall fill the vacancy in the same manner by appointing a senate or a house member who shall serve for the unexpired term. The New Hampshire state employees' association, the New Hampshire education association, the New Hampshire police association, the New Hampshire state permanent firemen's association, and the New Hampshire Local Government Center shall each annually nominate from their members a panel of 5 persons, all of whom except for the panel of the Local Government Center shall be active members of the retirement system, or one of the 4 predecessor systems, no later than May 31 of each year, and the panels so named shall be filed with the secretary of state no later than June 10 of each year. From each of the above named panels the governor and council shall appoint one person annually to the board, except for the panel of the Local Government Center, which shall have one person appointed every 2 years. Members appointed to the board in the manner aforesaid shall serve for a term of 2 years. Each member so appointed shall hold office until his or her successor shall be appointed and qualified.] Whenever a vacancy occurs, the governor and council shall fill the vacancy by appointing a member who shall serve for the unexpired term [from the same panel from which the former member was appointed]. The governor shall designate one of the [non-member] appointed trustees to serve as chairman of said board of trustees.
2 Application. Members of the board of trustees serving on the effective date of this act may continue to serve for the remainder of their terms. All subsequent appointments shall comply with the requirements of RSA 100-A:14, I as amended by this act.
3 Effective Date. This act shall take effect 60 days after its passage.