HB 1823-FN - FINAL VERSION
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
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.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
(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.
Approved: May 15, 2018
Effective Date: July 14, 2018
|Feb. 13, 2018||House||Hearing|
|Feb. 21, 2018||House||Exec Session|
|March 6, 2018||House||Floor Vote|
|March 21, 2018||Senate||Hearing|
|April 5, 2018||Senate||Floor Vote|
|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|