HB173 (2021) Detail

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


HB 173-FN - AS INTRODUCED

 

 

2021 SESSION

21-0119

10/04

 

HOUSE BILL 173-FN

 

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

 

SPONSORS: Rep. Schuett, Merr. 20; Rep. Schultz, Merr. 18; Rep. Ellison, Merr. 27; Rep. M. Pearson, Rock. 34; Rep. Merchant, Sull. 4

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

21-0119

10/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty One

 

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  RSA 100-A:15, X is repealed and reenacted to read as follows: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 subparagraph 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.

 

LBA

21-0119

10/16/20

 

HB 173-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

HB173 at GenCourtMobile
HB173 Discussion

Action Dates

Date Body Type
Jan. 27, 2021 House Hearing
House Floor Vote

Bill Text Revisions

HB173 Revision: 31451 Date: Jan. 4, 2021, 2:38 p.m.

Docket


Feb. 24, 2021: Ought to Pass: MA VV 02/24/2021


: Committee Report: Ought to Pass (Vote 17-0; CC) HC 12 P. 5


Jan. 27, 2021: Public Hearing: 01/27/2021 02:00 pm Members of the public may attend using the following link: To join the webinar: https://zoom.us/j/92995497899 / Executive session on pending legislation may be held throughout the day (time permitting) from the time the committee is initially convened.


Jan. 6, 2021: Introduced (in recess of) 01/06/2021 and referred to Executive Departments and Administration HJ 2 P. 38


Jan. 6, 2020: To Be Introduced 01/06/2020 and referred to Executive Departments and Administration