Revision: March 27, 2014, midnight
SB 264-FN – AS AMENDED BY THE SENATE
01/30/14 0188s
2014 SESSION
10/06
SENATE BILL 264-FN
AN ACT requiring the election of benefits by certain members of the judicial retirement plan.
SPONSORS: Sen. Carson, Dist 14; Sen. Cataldo, Dist 6; Sen. Lasky, Dist 13; Sen. Soucy, Dist?18; Rep. Rowe, Hills 22; Rep. M. Smith, Straf 6; Rep. Wall, Straf 6
This bill requires certain eligible judges under the judicial retirement plan to give notice of their election to receive benefits under the former judicial retirement statutes or retirement benefits paid pursuant to RSA 100-C.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01/30/14 0188s
14-2698
10/06
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fourteen
AN ACT requiring the election of benefits by certain members of the judicial retirement plan.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Judicial Retirement Plan; Notice of Election. Amend RSA 100-C by inserting after section 17 the following new section:
100-C:18 Notice of Election. Each member in active service as a judge, who was appointed prior to January 1, 2005, shall notify the plan in writing no later than September 30, 2014, as to whether such member intends to claim retirement benefits pursuant to one of the former judicial retirement statutes, RSA 490:2, RSA 491:2, RSA?502-A:6-a or RSA 547:2-a, instead of the retirement benefits paid pursuant to RSA 100-C. If an election is not made by that date the member shall only retire under the provisions of RSA 100-C. In the event that a judge elects to claim retirement benefits pursuant to one of the former judicial retirement statutes, that judge shall not be entitled to reimbursement for any contributions made pursuant to RSA 100-C:13 or RSA 100-C:14.
LBAO
14-2698
Amended 02/04/14
SB 264-FN FISCAL NOTE
AN ACT requiring the election of benefits by certain members of the judicial retirement plan.
FISCAL IMPACT:
The Judicial Retirement Plan states this bill, as amended by the Senate (Amendment #2014-0188s), will increase state expenditures by an indeterminable amount in FY 2014 and each year thereafter. There is no impact on county and local expenditures, or state, county and local revenue.
METHODOLOGY:
The Judicial Retirement Plan’s actuary states this bill requires certain eligible judges under the Plan to give notice of their election to receive benefits under the former judicial retirement statutes (in effect through December 31, 2004) or retirement benefits paid pursuant to RSA 100-C (in effect starting January 1, 2005). The Plan’s actuary states there are 14 retired judges and 22 active judges that meet the conditions set forth in the Raymond A. Cloutier v. State of NH case to be grandfathered to elect to receive the retirement benefits under the former judicial retirement plan in place through December 31, 2004. Assuming all 36 judges eligible for “grandfathering” seek to receive benefits under the former judicial retirement plan, the Plan’s actuary states the additional liability as of January 1, 2012 would be $3,394,000. If this amount is not deposited into the Judicial Retirement Plan in whole and is funded on a going forward basis the employer contribution will increase from 63.3 percent to 72.8 percent, a 9.5 percent increase.