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 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.

2 Retirement System; Financing; Unfunded Accrued Liability; Reference to Surplus Payment. Amend RSA 100-A:16, II(e)(1) to read as follows:

(e)(1) Immediately following the actuarial valuation prepared as of June 30 of each fiscal year, the board shall have an actuary determine the amount of the unfunded accrued liability for each member classification, proportionally reduced using sums dedicated as provided in RSA 21-I:95, II , as the amount of the total liabilities of the state annuity accumulation fund on account of such classification which is not dischargeable by the total of the funds in hand to the credit of the state annuity accumulation fund on account of such classification, and the aforesaid normal contributions to be made on account of the members in such classification during the remainder of their active service. The amount so determined with respect to each member classification shall be known as the "unfunded accrued liability" with respect to such classification.

3 Effective Date. This act shall take effect July 1, 2023.

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. Seventy-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.

2 Retirement System; Financing; Unfunded Accrued Liability; Reference to Surplus Payment. Amend RSA 100-A:16, II(e)(1) to read as follows:

(e)(1) Immediately following the actuarial valuation prepared as of June 30 of each fiscal year, the board shall have an actuary determine the amount of the unfunded accrued liability for each member classification, proportionally reduced using sums dedicated as provided in RSA 21-I:95, II andRSA 9:13-e, II-a , as the amount of the total liabilities of the state annuity accumulation fund on account of such classification which is not dischargeable by the total of the funds in hand to the credit of the state annuity accumulation fund on account of such classification, and the aforesaid normal contributions to be made on account of the members in such classification during the remainder of their active service. The amount so determined with respect to each member classification shall be known as the "unfunded accrued liability" with respect to such classification.

3 Effective Date. This act shall take effect July 1, 2023.