Bill Text - HB1279 (2024)

Relative to payment by the state of a portion of retirement system contributions of political subdivision employers.


Revision: Oct. 3, 2023, 1:42 p.m.

 

2024 SESSION

24-2116.0

05/10

 

HOUSE BILL [bill number]

 

AN ACT relative to payment by the state of a portion of retirement system contributions of political subdivision employers.

 

SPONSORS: [sponsors]

 

COMMITTEE: [committee]

 

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ANALYSIS

 

This bill provides that the state shall pay 7.5 percent of contributions of retirement system employers other than the state for group I teachers and group II members.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2116.0

05/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Four

 

AN ACT relative to payment by the state of a portion of retirement system contributions of political subdivision employers.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Short Title; Purpose.

I.  This act may be known as the "Property Tax Relief Act of 2024."

II.  This act renews a promise made by state to municipalities and restores the state’s contribution of a portion of the retirement costs of teachers, firefighters, and local police.  Its purpose is to help ease the local property tax burden, provide property tax relief to the cities and towns, and enhance public education and public safety.

2  Retirement System; Employer Contributions; State Share of Contributions.  Amend RSA 100-A:16, II(b) and (c) to read as follows:

(b)  The contributions of each employer for benefits under the retirement system on account of group II members shall consist of a percentage of the earnable compensation of its members to be known as the "normal contribution," and an additional amount to be known as the "accrued liability contribution;" provided that beginning with state fiscal year [2013] 2025 and for each state fiscal year thereafter, any employer [shall pay the full amount of such total contributions] other than the state, shall pay 92.5 percent of such total contributions, and 7.5 percent thereof shall be paid by the state; and provided further that, in case of group II members employed by the state, the state shall pay both normal and accrued liability contributions.  The rate percent of such normal contribution, including contributions on behalf of group II members whose group II creditable service is in excess of 40 years, in each instance shall be fixed on the basis of the liabilities of the system with respect to the particular members of the various member classifications as shown by actuarial valuations, except as provided in subparagraph (i).

(c)  The contributions of each employer for benefits under the retirement system on account of group I members shall consist of a percentage of the earnable compensation of its members to be known as the "normal contribution," and an additional amount to be known as the "accrued liability contribution;" provided that beginning with state fiscal year [2013] 2025 and for each state fiscal year thereafter, in the case of teachers, any employer other than the state, shall pay 92.5 percent of such total contributions, and 7.5 percent thereof shall be paid by the state; and provided further that, in case of teacher members employed by the state, the state shall pay both normal and accrued liability contributions.  The rate percent of such normal contribution in each instance shall be fixed on the basis of the liabilities of the system with respect to the particular members of the various member classifications as shown by actuarial valuation, except as provided in subparagraph (i).

3  Effective Date.  This act shall take effect July 1, 2024.