HB1326 (2020) Detail

Requiring the independent investment committee of the New Hampshire retirement system to report investment fees.


HB 1326-FN - AS INTRODUCED

 

 

2020 SESSION

20-2326

10/04

 

HOUSE BILL 1326-FN

 

AN ACT requiring the independent investment committee of the New Hampshire retirement system to report investment fees.

 

SPONSORS: Rep. Schuett, Merr. 20; Rep. Desjardin, Hills. 13; Rep. Doherty, Merr. 20; Rep. Schultz, Merr. 18; Rep. Ellison, Merr. 27; Rep. M. Pearson, Rock. 34

 

COMMITTEE: Executive Departments and Administration

 

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ANALYSIS

 

This bill requires the quarterly report of the retirement system's independent investment committee to include a description of investment fees.  The bill also requires independent investment committee reports to be available on the retirement system's Internet website,

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2326

10/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT requiring the independent investment committee of the New Hampshire retirement system to report investment fees.

 

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

 

1  Retirement System; Investment Committee; Report on Investment Fees.  Amend RSA 100-A:15, II-a(c) to read as follows:

(c)  Report to the board of trustees at least quarterly on the management, investment, and reinvestment activities of the independent investment committee.  The report shall include a description of all fees incurred due to investment transactions.

2  Retirement System; Independent Investment Committee; Reports.  RSA 100-A:15, X is repealed and reenacted to read as follows:

X.  The quarterly report of the independent investment committee under paragraph II(c) and the comprehensive annual financial report under paragraph VI shall be made available for public inspection on the retirement system's Internet website.

3  Effective Date.  This act shall take effect 60 days after its passage.

 

LBAO

20-2326

10/24/19

 

HB 1326-FN- FISCAL NOTE

AS INTRODUCED

 

AN ACT requiring the independent investment committee of the New Hampshire retirement system to report investment fees.

 

FISCAL IMPACT:      [    ] State              [    ] County               [    ] Local              [ X ] None

 

 

METHODOLOGY:

This bill requires the New Hampshire Retirement System (NHRS) to include a description of all fees incurred due to investment transactions in the quarterly report on investment activity of the independent investment committee.  The bill also requires NHRS to post quarterly and annual financial reports on their website.  The NHRS states there is no expected fiscal impact to system operations, funds or employer contribution rates as a result of these new requirements.

 

AGENCIES CONTACTED:

New Hampshire Retirement System

 

Links

HB1326 at GenCourtMobile
HB1326 Discussion

Action Dates

Date Body Type
Jan. 28, 2020 House Hearing
Feb. 12, 2020 House Exec Session
House Floor Vote
March 11, 2020 House Floor Vote

Bill Text Revisions

HB1326 Revision: 6946 Date: Dec. 2, 2019, 2:33 p.m.

Docket

Date Status
Jan. 8, 2020 Introduced 01/08/2020 and referred to Executive Departments and Administration HJ 1 P. 18
Jan. 28, 2020 Public Hearing: 01/28/2020 01:00 pm LOB 306
Feb. 12, 2020 Executive Session: 02/12/2020 10:00 am LOB 306
Committee Report: Ought to Pass (Vote 20-0; CC)
March 11, 2020 Committee Report: Ought to Pass for 03/11/2020 (Vote 20-0; CC) HC 10 P. 16
March 11, 2020 Ought to Pass: MA VV 03/11/2020
June 16, 2020 Introduced 06/16/2020, and Laid on Table, MA, VV; 06/16/2020; SJ 8
June 16, 2020 No Pending Motion; 06/16/2020 SJ 8