Revision: March 8, 2016, midnight
\t \t\tSB 129-FN - AS AMENDED BY THE SENATE
01/14/2016 3067s
2015 SESSION
\t15-0942
\t10/03
SENATE BILL\t\t129-FN
SPONSORS:\tSen. Cataldo, Dist 6
COMMITTEE:\tExecutive Departments and Administration
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AMENDED ANALYSIS
\tThis bill allows a retired member of the retirement system to terminate the designation of a single, non-spouse beneficiary to receive an optional allowance.
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Explanation:\tMatter added to current law appears in bold italics.
\t\tMatter removed from current law appears [in brackets and struckthrough.]
\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01/14/2016 3067s\t15-0942
\t10/03
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT\tallowing retired members of the retirement system to change an optional allowance election in certain circumstances.
Be it Enacted by the Senate and House of Representatives in General Court convened:
\t1 New Subparagraph; Retirement System; Optional Allowances; Termination. Amend RSA 100-A:13, II by inserting after subparagraph (b) the following new subparagraph:
\t\t\t(c) Any retired member who has elected option 2, 3, or 4, and has designated a single, non-spouse beneficiary, may at any time prior to the death of the beneficiary terminate such elected option without the consent of the beneficiary by signing and filing with the board a form designated by the board. Upon termination, the allowance received under the elected option shall be converted to the retirement allowance that would have been payable in the absence of such election. Any supplemental allowance, or COLAs, granted to the retiree and effective before the date of termination of the option shall continue in effect and shall not be adjusted as a result of the termination. Such termination shall become effective, and payment of the converted allowance shall commence, on the first day of the month following receipt of such form by the board. If the retiree dies after giving notice of such termination but before the effective date, the notice shall be deemed valid, the previously elected option shall terminate as of the date of the retiree's death, and no survivor annuity shall be paid pursuant to the previously elected option.
\t2 Effective Date. This act shall take effect 60 days after its passage.
\t\t\t\t\t\t\t\t\t\t\t\t\tLBAO
\t\t\t\t\t\t\t\t\t\t\t15-0942
\t\t\t\t\t\t\t\t\t\t\tAmended 1/27/16
SB 129-FN- FISCAL NOTE
AN ACT\tallowing retired members of the retirement system to change an optional allowance election in certain circumstances.
FISCAL IMPACT:
The New Hampshire Retirement System states this bill, as amended by the Senate (Amendment #2015-3067s), will increase state, county, and local expenditures by an indeterminable amount in FY 2017 and each year thereafter. There will be no fiscal impact on state, county, and local revenue.
METHODOLOGY:
The New Hampshire Retirement System states this bill allows a retired member of the retirement system to terminate the designation of a living single, non-spouse beneficiary to receive an optional allowance. The Retirement System states this bill will have a less than .01% impact on state, county, and local employer contribution rates based on an independent actuarial analysis. The expected cost to make the necessary changes provided for in this bill to the NHRS pension database software Pension Gold is expected to be $10,000 to $15,000.