Revision: Feb. 10, 2010, midnight
HB 1512 – AS INTRODUCED
2010 SESSION
10/09
HOUSE BILL 1512
AN ACT relative to supplemental allowances for beneficiaries of the judicial retirement plan.
COMMITTEE: Executive Departments and Administration
This bill increases the annual amount of the aggregate supplemental allowance which may be approved by the board of trustees and paid to beneficiaries of the judicial retirement plan.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2665
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT relative to supplemental allowances for beneficiaries of the judicial retirement plan.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Judicial Retirement Plan; Financing; Board or Trustees Authority. Amend RSA 100-C:13, III(g) to read as follows:
(g) The board of trustees shall be permitted to pay out to, or for the benefit of, retired members retired after January 1, 2005 or their beneficiaries, supplemental benefits as provided in RSA 100-C:17, not to exceed [$50,000] $100,000 in the aggregate per calendar year. Said benefits shall be on a nonrecurring basis. Supplemental benefits greater than [$50,000] $100,000 per calendar year in the aggregate shall only be paid if the judicial retirement annuity accumulation fund earns at a level greater than the actuarial assumed rate of return approved by the board and the trust is at least 90 percent funded for that calendar year.
2 Judicial Retirement Plan; Supplemental Allowances. Amend RSA 100-C:17 to read as follows:
100-C:17 Supplemental Allowances. Each calendar year, the fiscal committee of the general court may approve supplemental benefits in an amount exceeding [$50,000] $100,000 in the aggregate upon recommendation of the board. The board shall have the authority to provide supplemental benefits annually in such percentages or amounts as the board deems advisable, including the ability to segment or tier amounts based upon years without such a benefit. Supplemental benefits shall not be permanent. The board shall provide information required by the fiscal committee, including, but not limited to, any change in the Consumer Price Index-Urban for the year prior to the year in which the nonrecurring benefit is to be granted. Supplemental benefits greater than [$50,000] $100,000 per year in the aggregate shall only be paid if the judicial retirement annuity accumulation fund earns at a level greater than the actuarial assumed rate of return approved by the board and the trust is at least 90 percent funded for that calendar year.
3 Effective Date. This act shall take effect 60 days after its passage.