For Immediate Release: March 30, 2017
Contact: Marty Karlon, Public Information Officer, (603) 410-3594; email@example.com
CONCORD, NH – Three bills related to the New Hampshire Retirement System (NHRS, the retirement system) were passed by the N.H. House of Representatives in 2017 and have crossed over to the N.H. Senate for further action. In addition, one bill was passed by the Senate and sent to the House. Crossover day, which was March 30 this year, is the deadline for all House bills to go to the Senate and all Senate bills to go to the House.
The bills adopted by the House are:
House Bill 294: This bill requires that the administrative and professional cost of the fiscal analysis of proposed legislation done by the retirement system be reimbursed from general funds not otherwise appropriated. Currently, these costs are paid from the NHRS trust fund.
House Bill 405: This bill requires the upcoming decennial retirement commission established in RSA 100-A:57 to review the following issues: the feasibility and cost of eliminating the reduction in a Group I retiree’s retirement allowance at the age of 65; the current plan for paying off the retirement system’s unfunded actuarial accrued liability; the effects of retirees returning to work, and; the effects that changes to employer contribution rates have on municipalities.
House Bill 561: This bill allows the executive director of the retirement system to suspend a member’s retirement allowance and assess a penalty on a retirement system employer for exceeding the statutory limitations for part-time employment. This bill also requires retirement system employers to pay the portion of the employer contribution rate attributable to the unfunded actuarial accrued liability and medical subsidy for part-time or interim employees working in a position that was formerly a full-time, NHRS membership position.
The bill adopted by the Senate is:
Senate Bill 140: This bill establishes three-year terms for members of the retirement system’s Independent Investment Committee.
In 2017, a total of 18 bills related to the retirement system were introduced. Among the bills that did not advance this session was one to create a cash balance benefit plan for new hires (retained by the House) and one to make a one-time, $500 payment to certain eligible retirees (retained by the Senate).
Additional information on all 2017 NHRS-related legislation is available at: https://www.nhrs.org/about-nhrs/legislative-updates
Other legislation of interest to State of NH retirees
Additional legislation dealing with funding for State of New Hampshire retiree medical benefits is included in the budget trailer bill (House Bill 2). The state insurance program is administered by the Department of Administrative Services, not NHRS, however, state law directs the retirement system to deduct insurance premiums from pension payments. Questions about this legislation should be directed to the Department of Administrative Services.
This proposed legislation does not affect retirees of local communities, school districts, counties, or any political subdivision other than the State of New Hampshire.
If you are interested in following this bill, here is a link to the NH General Court’s website with its current status: http://www.gencourt.state.nh.us/bill_status/bill_docket.aspx?lsr=998&sy=2017&sortoption=&txtsessionyear=2017&txtbillnumber=hb2&q=1
NHRS provides retirement, disability, and death benefits to its eligible members and their beneficiaries. The State of New Hampshire and nearly 470 local government employers participate in NHRS for their employees, teachers, firefighters, and police officers. NHRS has approximately 48,000 active members and 33,000 pension recipients. NHRS administers a defined benefit plan qualified as a tax-exempt entity under sections 401(a) and 501(a) of the Internal Revenue Code.
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