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1 Retirement System; Method of Funding; Amortization of Unfunded Liability. Amend RSA 100-A:16, II(e)(3) to read as follows:
(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.
2 Retirement System; Recalculation of Employer Rates; Recertification. Notwithstanding the notice requirements of RSA 100-A:16, III, the board of trustees of the retirement system shall recalculate employer contribution rates for the state fiscal years 2022 and 2023 to reflect the requirements of RSA 100-A:16, II(e)(3) as amended by this act. Notwithstanding the notice requirements of RSA 100-A:16, III, such employer contribution rates shall be effective for the biennium beginning July 1, 2021, and the recertification of employer contribution percentages, applicable beginning July 1, 2021, shall be provided to each employer within a reasonable period of time not to exceed 30 days from the effective date of this section. The exception to the notice requirements of RSA 100-A:16, III in this section shall be limited to the applicable employer contribution rates for the biennium beginning July 1, 2021.
3 Effective Date. This act shall take effect July 1, 2021.
Text to be added highlighted in green.
1 Retirement System; Method of Funding; Amortization of Unfunded Liability. Amend RSA 100-A:16, II(e)(3) to read as follows:
(3) The unfunded liability as of July 30, 2017 shall be amortized through 2044 . 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.
2 Retirement System; Recalculation of Employer Rates; Recertification. Notwithstanding the notice requirements of RSA 100-A:16, III, the board of trustees of the retirement system shall recalculate employer contribution rates for the state fiscal years 2022 and 2023 to reflect the requirements of RSA 100-A:16, II(e)(3) as amended by this act. Notwithstanding the notice requirements of RSA 100-A:16, III, such employer contribution rates shall be effective for the biennium beginning July 1, 2021, and the recertification of employer contribution percentages, applicable beginning July 1, 2021, shall be provided to each employer within a reasonable period of time not to exceed 30 days from the effective date of this section. The exception to the notice requirements of RSA 100-A:16, III in this section shall be limited to the applicable employer contribution rates for the biennium beginning July 1, 2021.
3 Effective Date. This act shall take effect July 1, 2021.