CHAPTER 257
HB 299-FN – FINAL VERSION
23Feb2011… 0140h
05/11/11 1774s
22June2011… 2261CofC
2011 SESSION
10/05
HOUSE BILL 299-FN
AN ACT relative to the method of financing for the judicial retirement plan.
SPONSORS: Rep. G. Richardson, Merr 4; Sen. Houde, Dist 5
COMMITTEE: Special Committee on Public Employee Pensions Reform
This bill allows the annual contribution for unfunded accrued liability of the judicial retirement plan to be calculated over a 30-year period or the maximum period allowed, whichever is less.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23Feb2011… 0140h
05/11/11 1774s
22June2011… 2261CofC
11-0919
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT relative to the method of financing for the judicial retirement plan.
Be it Enacted by the Senate and House of Representatives in General Court convened:
257:1 Method of Financing; Unfunded Accrued Liability. Amend RSA 100-C:13, III(d) to read as follows:
(d) Immediately following the actuarial valuation prepared under paragraph I, the board shall have an actuary determine the amount of the unfunded accrued liability as the amount of the total liabilities of the state annuity accumulation fund which is not dischargeable by the total of the funds in hand to the credit of the state annuity accumulation fund, and the normal contributions to be made on account of the members during the remainder of their active service. The amount so determined shall be known as the “unfunded accrued liability.” On the basis of the unfunded accrued liability, the board shall have an actuary determine the level annual contribution required to discharge such amount over a period of [20 years from the date of implementation of this chapter] 30 years from January 1, 2010 or the maximum period allowed by standards adopted by the Government Accounting Standards Board, whichever is less.
257:2 Judicial Retirement Plan; Recalculation and Recertification of Employer Rate. Notwithstanding the requirements of RSA 100-C:13, I, the board of trustees of the judicial retirement plan shall direct the plan’s actuary to recalculate the employer contribution rate for the state fiscal years 2012 and 2013 to reflect the requirements of RSA 100-C:13, III(d) as amended by section 1 of this act. Such recalculated employer contribution rate shall be recertified by the board of trustees to the judicial branch and shall be used by the judicial branch for state fiscal years 2012 and 2013 until the next biennial valuation.
257:3 Effective Date. This act shall take effect upon its passage.
Approved: July 13, 2011
Effective Date: July 13, 2011