Revision: April 19, 2023, 12:02 p.m.
Senate Finance
April 19, 2023
2023-1433s
10/
Amendment to HB 555-FN-A
Amend the bill by replacing section 1 with the following:
1 Revenue Stabilization Reserve Account; Transfer of Surplus Funds. Amend RSA 9:13-e, II to read as follows:
II. There is hereby established within the general fund general ledger a revenue stabilization reserve account. At the close of the fiscal biennium ending June 30, 2001, and at the close of each fiscal biennium thereafter, except as otherwise provided in law, any surplus, as determined by the official audit performed pursuant to RSA 21-I:8, II(a) shall be transferred by the comptroller first, as provided in paragraph II-a, and then the remainder to a special nonlapsing revenue stabilization reserve account. The comptroller is hereby directed to establish the revenue stabilization reserve account in which to deposit any money received from a general fund operating budget surplus. The state treasurer shall invest funds in this account as authorized by RSA 6:8. The interest so earned shall be deposited as unrestricted general fund revenue.
II-a. Twenty-five percent of the biennial surplus, as determined in the official audit under paragraph II shall be paid to the board of trustees of the New Hampshire retirement system and dedicated to the reduction in the retirement system's unfunded accrued liability determined under RSA 100-A:16, II. This paragraph shall only be effective when:
(a) The balance in the revenue stabilization reserve account is equal to or in excess of an amount equal to 10 percent of the actual general fund unrestricted revenues for the most recently completed fiscal biennium; and
(b) The retirement system reports continuing unfunded accrued liability.
Amend the bill by replacing section 3 with the following:
3 Effective Date. This act shall take effect July 1, 2025.
2023-1433s
AMENDED ANALYSIS
This bill requires the transfer of 25 percent of a state biennial surplus to the reduction in the retirement system's unfunded accrued liability.