Revision: Feb. 19, 2010, midnight
SB 504-FN – AS INTRODUCED
2010 SESSION
10/05
SENATE BILL 504-FN
AN ACT relative to the effective date for the implementation of the retirement system employer assessments for excess benefits.
SPONSORS: Sen. Cilley, Dist 6; Rep. Hawkins, Hills 18; Rep. Patricia McMahon, Merr 3; Rep. K. Gould, Rock 5
COMMITTEE: Executive Departments and Administration
This bill extends the effective date for the implementation of the retirement system employer assessments for excess benefits to July 1, 2011.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2951
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT relative to the effective date for the implementation of the retirement system employer assessments for excess benefits.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Effective Date; Employer Assessments Amend 2008:35, VII, as amended by 2009, 4:1, to read as follows:
VII. Sections 33 and 34 of this act shall take effect July 1, [2010] 2011.
2 Effective Date. This act shall take effect upon its passage.
LBAO
10-2951
02/05/10
SB 504-FN - FISCAL NOTE
AN ACT relative to the effective date for the implementation of the retirement system employer assessments for excess benefits.
FISCAL IMPACT:
The New Hampshire Retirement System states this bill will have no fiscal impact on state, county, and local expenditures or revenues.
METHODOLOGY:
The New Hampshire Retirement System states this bill delays the implementation of employer assessments for excess benefits, required in RSA 100-A:16, III-a, from July 1, 2010 to July 1, 2011. The System states when the surcharges called for under RSA 100-A:16, III-a become effective, employers of approximately 30% of retiring members would be assessed a surcharge from $0 to $600,000 per member as an assessment for excess benefits. The System states while some employers may experience increased costs due to these surcharges, the aggregate contributions to the System would not change. Therefore, the System states this bill which delays the effective date of those surcharges, would have no fiscal impact.