CHAPTER 132
HB 457-FN - FINAL VERSION
22Mar2023... 0898h
2023 SESSION
23-0444
08/04
HOUSE BILL 457-FN
AN ACT relative to state treasury pension and insurance fund management.
SPONSORS: Rep. Bernardy, Rock. 36; Rep. Greeson, Graf. 6; Rep. Hill, Merr. 2; Rep. Hobson, Rock. 14; Rep. Kofalt, Hills. 32; Rep. Porcelli, Rock. 19; Rep. Spillane, Rock. 2; Rep. A. Turcotte, Merr. 11; Rep. Vose, Rock. 5; Rep. Weyler, Rock. 14; Sen. Gannon, Dist 23
COMMITTEE: Executive Departments and Administration
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AMENDED ANALYSIS
This bill requires the state treasurer and the retirement system to report quarterly on the motivations of funds, especially those that have environmental social, political, or ideological interests.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
22Mar2023... 0898h 23-0444
08/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
AN ACT relative to state treasury pension and insurance fund management.
Be it Enacted by the Senate and House of Representatives in General Court convened:
132:1 New Subparagraph; Investment of Funds; State Treasurer; Conditions. Amend RSA 6:8, II by inserting after subparagraph (e) the following new subparagraph:
(f) Notwithstanding the other provisions of this paragraph, all investments and their management shall be governed by the fiduciary duty to maximize benefits for the state or the beneficiaries of the state's trust funds managed by the treasurer. The treasurer shall report on a quarterly basis to the office of legislative budget assistant regarding compliance with the duty to make investment decisions based upon the fiduciary duty to maximize short or long term financial benefits for the state. The report shall note the existence of any investment funds that may have mixed, rather than pure, fiduciary interest investment motivations.
132:2 Retirement System; Management of Funds. Amend RSA 100-A:15, VIII to read as follows:
VIII.(a) The management, investment, and reinvestment practices for the assets held in trust by the board pursuant to this section shall be subject to review by the legislature.
(b) The independent investment committee and the board of trustees shall report on a quarterly basis to the office of legislative budget assistant regarding compliance with the duty to make all investment decisions solely in the interest of the participants and beneficiaries of the state retirement system. The report shall note the existence of any investment funds that may have mixed, rather than sole, interest investment motivations.
132:3 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 30, 2023
Effective Date: August 29, 2023
| Date | Body | Type |
|---|---|---|
| Feb. 15, 2023 | House | Hearing |
| March 8, 2023 | House | Exec Session |
| March 8, 2023 | House | Exec Session |
| March 10, 2023 | House | Floor Vote |
| April 5, 2023 | Senate | Hearing |
| April 13, 2023 | Senate | Floor Vote |
| April 13, 2023 | Senate | Floor Vote |
| Senate | Floor Vote | |
| May 11, 2023 | Senate | Floor Vote |
July 12, 2023: Signed by Governor Sununu 06/30/2023; Chapter 132; Eff: 08/29/2023 HJ 17
June 21, 2023: Enrolled (in recess of) 06/15/2023 HJ 16 P. 15
June 21, 2023: Enrolled Adopted, VV, (In recess 06/15/2023); SJ 20
May 11, 2023: Ought to Pass: RC 14Y-10N, MA; OT3rdg; 05/11/2023; SJ 14
May 11, 2023: Sen. Altschiller Floor Amendment # 2023-1364s, RC 10Y-14N, AF; 05/11/2023; SJ 14
April 19, 2023: Committee Report: Ought to Pass, 05/11/2023; SC 21
April 13, 2023: Committee Report: Ought to Pass
April 13, 2023: Special Order to the next Session, Without Objection, MA; 04/13/2023; SJ 13
April 5, 2023: Committee Report: Ought to Pass, 04/13/2023; SC 17
March 30, 2023: Hearing: 04/05/2023, Room 103, SH, 09:30 am; SC 16
March 24, 2023: Introduced 03/23/2023 and Referred to Executive Departments and Administration; SJ 12
March 22, 2023: Ought to Pass with Amendment 2023-0898h: MA VV 03/22/2023 HJ 10 P. 15
March 22, 2023: Amendment # 2023-0898h: AA VV 03/22/2023 HJ 10 P. 15
March 15, 2023: Committee Report: Ought to Pass with Amendment # 2023-0898h 03/10/2023 (Vote 20-0; CC) HC 16 P. 9
Feb. 21, 2023: Executive Session: 03/08/2023 01:30 pm LOB 306-308
Feb. 21, 2023: Executive Session: 03/08/2023 01:30 pm LOB 306-308
Feb. 23, 2023: Subcommittee Work Session: 02/24/2023 09:00 am LOB306-308
Feb. 8, 2023: Public Hearing: 02/15/2023 10:00 am LOB 306-308
Jan. 11, 2023: Introduced (in recess of) 01/05/2023 and referred to Executive Departments and Administration HJ 3 P. 17