HB1805 (2018) Detail

(New Title) establishing a committee to study level dollar amortization of retirement system unfunded accrued liability and relative to the retirement system board of trustees.


CHAPTER 203

HB 1805 - FINAL VERSION

 

6Mar2018... 0539h

2018 SESSION

18-3032

05/01

 

HOUSE BILL 1805

 

AN ACT establishing a committee to study level dollar amortization of retirement system unfunded accrued liability and relative to the retirement system board of trustees.

 

SPONSORS: Rep. Ohm, Hills. 36; Rep. McGuire, Merr. 29; Sen. Carson, Dist 14; Sen. Watters, Dist 4

 

COMMITTEE: Executive Departments and Administration

 

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AMENDED ANALYSIS

 

This bill establishes a committee to study level dollar amortization of retirement system unfunded accrued liability.  The bill also changes the term of retirement system trustees from 2 years to 3 years.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

6Mar2018... 0539h 18-3032

05/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT establishing a committee to study level dollar amortization of retirement system unfunded accrued liability and relative to the retirement system board of trustees.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

203:1  Committee Established.  There is established a committee to study level dollar amortization of retirement system unfunded accrued liability.

203:2  Membership and Compensation.

I.  The members of the committee shall be as follows:

(a)  Three members of the house of representatives, appointed by the speaker of the house of representatives, at least one of whom shall be a member of the decennial retirement commission, established in RSA 100-A:57.

(b)  Two members of the senate, appointed by the president of the senate, at least one of whom shall be a member of the decennial retirement commission, established in RSA 100-A:57.

II.  Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.

203:3  Duties.  The committee shall study the advantages and disadvantages of changing employer funding from a level percent amortization, currently 12.54 percent of payroll, to a level dollar amortization, estimated at $460,000,000 annually.

203:4  Chairperson; Quorum.  The members of the study committee shall elect a chairperson from among the members.  The first meeting of the committee shall be called by the first-named house member.  The first meeting of the committee shall be held within 45 days of the effective date of this section.  Three members of the committee shall constitute a quorum.

203:5  Report.  The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the president of the senate, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2018.

203:6  Retirement System; Administration; Trustee Terms.  Amend RSA 100-A:14, I to read as follows:

I.  The administration of this system is vested in a board of 13 trustees.  Each newly appointed or reappointed trustee shall have familiarity with or experience in finance or business management.  The state treasurer shall be an ex officio voting member of the board.  The governor and council shall appoint 4 trustees, to be known as nonmember trustees, who shall be qualified persons with investment and/or financial experience as provided in this paragraph and not be members of the system, and who shall serve for a term of [2] 3 years and until their successors are appointed and qualified.  The nonmember trustees of the board shall have substantial experience in the field of institutional investment or finance, taking into account factors such as educational background, business experience, and professional licensure and designations.  The original appointment of the nonmember trustees shall be made to provide for staggered terms.  The remaining 8 members of the board shall consist of: one employee member, one teacher member, one permanent police member, one permanent fireman member, and 4 employer members.  The New Hampshire state employees' association, the New Hampshire education association, the New Hampshire police association, and the New Hampshire state permanent firemen's association shall each annually nominate from their members a panel of 5 persons, all of whom shall be active members of the retirement system, no later than May 31 of each year, and the panels so named shall be filed with the secretary of state no later than June 10 of each year.  From the above named panels the governor and council shall appoint the active member trustees of the board as needed so as to maintain the representation on the board.  The governor and council shall appoint the employer members of the board with one member nominated by the New Hampshire Association of Counties, one member nominated by the New Hampshire Municipal Association, one member nominated by the New Hampshire School Boards Association, and one member to represent management of state employees.  Members appointed to the board in the manner aforesaid shall serve for a term of [2] 3 years.  Each member so appointed shall hold office until his or her successor shall be appointed and qualified.  Whenever a vacancy occurs, the governor and council shall fill the vacancy by appointing a member who shall serve for the unexpired term.  The governor shall designate one of the nonmember trustees to serve as chairman of said board of trustees.

203:7  Applicability.  RSA 100-A:14, I, as amended by section 6 of this act, shall not apply to the 2-year term of members of the retirement system board of trustees serving on the effective date of this section.  RSA 100-A:14, I, as amended by section 6 of this act, shall apply to appointments and reappointments made on or after July 1, 2018.  

203:8  Effective Date.

I.  Sections 6 and 7 of this act shall take effect July 1, 2018.

II.  The remainder of this act shall take effect upon its passage.

 

Approved: June 08, 2018

Effective Date:

I. Sections 6 and 7 shall take effect July 1, 2018.

II. Remainder shall take effect June 8, 2018.

Links

HB1805 at GenCourtMobile

Action Dates

Date Body Type
Feb. 13, 2018 House Hearing
Feb. 20, 2018 House Hearing
Feb. 20, 2018 House Hearing
Feb. 21, 2018 House Exec Session
House Floor Vote
March 6, 2018 House Floor Vote
April 25, 2018 Senate Hearing
May 2, 2018 Senate Floor Vote

Bill Text Revisions

HB1805 Revision: 4086 Date: June 13, 2018, 10:25 a.m.
HB1805 Revision: 3698 Date: May 2, 2018, 5:36 p.m.
HB1805 Revision: 3202 Date: March 8, 2018, 12:11 p.m.
HB1805 Revision: 2420 Date: Dec. 13, 2017, 3:24 p.m.

Docket

Date Status
Jan. 3, 2018 Introduced 01/03/2018 and referred to Executive Departments and Administration HJ 1 P. 24
Feb. 13, 2018 ==ROOM CHANGE== Public Hearing: 02/13/2018 10:30 AM LOB 202
Feb. 14, 2018 ==CANCELLED== Subcommittee Work Session: 02/14/2018 10:15 AM LOB 306
Feb. 20, 2018 Public Hearing: 02/20/2018 10:30 AM LOB 306
Feb. 20, 2018 Public Hearing on non-germane Amendment # 2018-0539h: 02/20/2018 10:30 AM LOB 306
Feb. 20, 2018 ==RESCHEDULED== Subcommittee Work Session: 02/20/2018 12:00 PM LOB 306
Feb. 21, 2018 Executive Session: 02/21/2018 LOB 306
March 6, 2018 Committee Report: Ought to Pass with Amendment # 2018-0539h (NT) for 03/06/2018 (Vote 15-0; CC) HC 9 P. 23
Committee Report: Ought to Pass with Amendment # 2018-0539h (NT) (Vote 15-0; CC)
March 6, 2018 Amendment # 2018-0539h: AA VV 03/06/2018 HJ 6 P. 41
March 6, 2018 Ought to Pass with Amendment 0539h: MA VV 03/06/2018 HJ 6 P. 41
March 8, 2018 Introduced 03/08/2018 and Referred to Executive Departments and Administration; SJ 7
April 25, 2018 Hearing: 04/25/2018, Room 101, LOB, 09:15 am; SC 18
May 2, 2018 Committee Report: Ought to Pass, 05/02/2018; SC 19
May 2, 2018 Ought to Pass: MA, VV; OT3rdg; 05/02/2018; SJ 15
May 10, 2018 Enrolled (In recess 05/10/2018); SJ 18
May 10, 2018 Enrolled 05/10/2018
June 8, 2018 Signed by Governor Sununu 06/08/2018; Chapter 203; I. Sections 6 & 7 eff. 7/1/2018; II. Rem. eff. 6/8/2018