Revision: May 11, 2023, 12:33 p.m.
Sen. Altschiller, Dist 24
April 12, 2023
2023-1364s
08/07
Floor Amendment to HB 457-FN
Amend the bill by replacing all after the enacting clause with the following:
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 and act in the best interest of 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 and act in the best interest for the benefit of the state.
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.
3 Effective Date. This act shall take effect 60 days after its passage.