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1 Retirement System; Service Providers. Amend RSA 100-A:15, II to read as follows:
II. The board of trustees shall:
(a) Have the authority to hire actuarial services. The compensation for actuarial services required by the board of trustees shall be a charge upon the funds of the New Hampshire retirement system.
(b) Have the full power and authority to delegate to any agent providing services to the New Hampshire retirement system, within or without the state, the power and discretion to make any necessary decisions and to take any action necessary to effect decisions with the same legal effect as if performed by the board of trustees. The payment for these services shall be a charge upon the funds of the New Hampshire retirement system.
(c) Have the authority to hire investment consultants. The compensation for investment consultant services shall be a charge upon the funds of the New Hampshire retirement system.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 Retirement System; Service Providers. Amend RSA 100-A:15, II to read as follows:
II. The board of trustees shall:
(a) Have the authority to hire actuarial services. The compensation for actuarial services required by the board of trustees shall be a charge upon the funds of the New Hampshire retirement system.
(b) Have the full power and authority to delegate to any agent providing services to the New Hampshire retirement system, within or without the state, the power and discretion to make any necessary decisions and to take any action necessary to effect decisions with the same legal effect as if performed by the board of trustees. The payment for these services shall be a charge upon the funds of the New Hampshire retirement system.
(c) Have the authority to hire investment consultants. The compensation for investment consultant services shall be a charge upon the funds of the New Hampshire retirement system. Investment consultant services shall be implemented by contracting with 2 independent investment firms. The board of trustees shall divide the responsibility for asset consulting approximately equally between the 2 firms. The board shall undertake a performance evaluation at least every 4 years. The firm that performs the best in such evaluation shall be retained and the other firm's services shall be terminated. A replacement firm shall then be contracted by the board of trustees for a 4-year term. The terms of contracts for the 2 firms shall be identical.
2 Effective Date. This act shall take effect 60 days after its passage.