HB1823 (2018) Detail

Relative to layered amortization of retirement system liabilities.


CHAPTER 48

HB 1823-FN - FINAL VERSION

 

 

2018 SESSION

18-3031

10/08

 

HOUSE BILL 1823-FN

 

AN ACT relative to layered amortization of retirement system liabilities.

 

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

 

COMMITTEE: Executive Departments and Administration

 

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ANALYSIS

 

This bill requires the retirement system to amortize annual unfunded liabilities accrued on or after July 1, 2017 separately from existing liabilities.

 

This bill is a request of the decenniel retirement commission under RSA 100-A:57.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

18-3031

10/08

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT relative to layered amortization of retirement system liabilities.

 

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

 

48:1  Retirement System; Financing; Unfunded Accrued Liabilities.  Amend RSA 100-A:16, II(e) to read as follows:

(e)(1)  Immediately following the actuarial valuation prepared as of June 30 of each fiscal year, the board shall have an actuary determine the amount of the unfunded accrued liability for each member classification, proportionally reduced using sums dedicated as provided in RSA 21-I:95, II, as the amount of the total liabilities of the state annuity accumulation fund on account of such classification which is not dischargeable by the total of the funds in hand to the credit of the state annuity accumulation fund on account of such classification, and the aforesaid normal contributions to be made on account of the members in such classification during the remainder of their active service.  The amount so determined with respect to each member classification shall be known as the "unfunded accrued liability'' with respect to such classification.

(2)  On the basis of each such unfunded accrued liability, the board shall have an actuary determine the level annual contribution required to discharge such amount [over a period of 30 years or the maximum period allowed by standards adopted by the Government Accounting Standards Board, whichever is less] as provided in subparagraph (3).

(3)  The unfunded liability as of July 30, 2017 shall be amortized through 2039.  Each subsequent change in liability as calculated in odd-numbered years shall be separately amortized over a fixed period of no longer than 20 years.

48:2  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: May 15, 2018

Effective Date: July 14, 2018

 

 

Links

HB1823 at GenCourtMobile

Action Dates

Date Body Type
Feb. 13, 2018 House Hearing
Feb. 21, 2018 House Exec Session
House Floor Vote
March 6, 2018 House Floor Vote
March 21, 2018 Senate Hearing
April 5, 2018 Senate Floor Vote

Bill Text Revisions

HB1823 Revision: 3894 Date: May 25, 2018, 11:28 a.m.
HB1823 Revision: 3348 Date: April 5, 2018, 10:56 a.m.
HB1823 Revision: 2419 Date: Dec. 15, 2017, 2:26 p.m.

Docket

Date Status
Jan. 3, 2018 Introduced 01/03/2018 and referred to Executive Departments and Administration HJ 1 P. 25
Feb. 13, 2018 ==ROOM CHANGE== Public Hearing: 02/13/2018 10:00 AM LOB 202
Feb. 14, 2018 ==CANCELLED== Subcommittee Work Session: 02/14/2018 10:15 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
Committee Report: Ought to Pass (Vote 14-0; CC)
March 6, 2018 Committee Report: Ought to Pass for 03/06/2018 (Vote 14-0; CC) HC 9 P. 24
March 6, 2018 Ought to Pass: MA VV 03/06/2018 HJ 6 P. 42
March 8, 2018 Introduced 03/08/2018 and Referred to Executive Departments and Administration; SJ 7
March 21, 2018 Hearing: 03/21/2018, Room 101, LOB, 10:00 am; SC 13
April 5, 2018 Committee Report: Ought to Pass, 04/05/2018; Vote 5-0; CC SC 15
April 5, 2018 Ought to Pass: MA, VV; OT3rdg; 04/05/2018; SJ 11
April 12, 2018 Enrolled (In recess 04/12/2018); SJ 13
April 19, 2018 Enrolled 04/19/2018 HJ 13 P. 2
May 15, 2018 Signed by Governor Sununu 05/15/2018; Chapter 48; Eff. 7/14/2018