CHAPTER 289
HB 641-FN-LOCAL – FINAL VERSION
24Mar2009… 0917h
05/13/09 1577s
24Jun2009… 2262cofc
2009 SESSION
10/09
HOUSE BILL 641-FN-LOCAL
AN ACT relative to the determination of employer assessments for excess benefits paid by employers in the retirement system.
SPONSORS: Rep. P. McMahon, Merr 3; Sen. Fuller Clark, Dist 24
COMMITTEE: Executive Departments and Administration
This bill requires the New Hampshire retirement system to develop a methodology for determining the excess benefit charge adopted in 2008, 300:33.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24Mar2009… 0917h
05/13/09 1577s
24Jun2009… 2262cofc
09-0558
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to the determination of employer assessments for excess benefits paid by employers in the retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
289:1 New Hampshire Retirement System; Methodology for Determining Employer Assessments for Excess Benefits; Report. The New Hampshire retirement system shall develop a specific methodology for individuals retiring after July 1, 2010 that determines the amount of the employer assessment for excess benefits charged pursuant to 2008, 300:33, but which accounts for the portion of the present value of the member’s retirement benefit attributable to the compensation above base pay, as determined by the retirement system, that has been funded through the normal employer contributions, including the state share of such contributions, and the employee contributions. The retirement system shall submit a report regarding this methodology to the speaker of the house of representatives, the president of the senate, and the chairpersons of the house and senate executive departments and administration committees no later than December 1, 2009.
289:2 New Paragraph; Employer Duty to Report. Amend RSA 100-A:16 by inserting after paragraph III-a the following new paragraph:
III-b. Every employer shall annually report to the retirement system the annual base pay paid to each member.
289:3 Excess Benefit Assessment; Application. Amend 2008, 300:34 to read as follows:
300:34 Application. The provisions of RSA 100-A:16, III-a as inserted by section 33 of this act shall not apply to a binding contract or a binding collective bargaining agreement in effect on the effective date of this section, to the extent required by the contract or agreement, before the termination of such contract or the date on which the collective bargaining agreement terminates, or while the terms of the existing contract remain in force as a result of either the operation of law or the status quo doctrine, or a provision in the existing contract because the parties have failed to agree to a new contract or a contract extension, on or after the effective date of this section.
289:4 Effective Date.
I. Section 3 of this act shall take effect July 1, 2010 at 12:01 a.m.
II. The remainder of this act shall take effect upon its passage.
Approved: July 29, 2009
Effective Date: I. Section 3 shall take effect July 1, 2010 at 12:01 a.m.
II. Remainder shall take effect July 29, 2009.