20May2009… 1618h

2009 SESSION

09-1024

10/09

SENATE BILL 187

COMMITTEE: Public and Municipal Affairs

ANALYSIS

The bill makes administrative changes to the Nashua public works retirement system administered by its board of trustees.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20May2009… 1618h

09-1024

10/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Nine

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

264:1 Nashua Public Works Retirement System; Administration. Amend 1943, 292:1-4 as amended by 2007, 97:3 to read as follows:

1. Administration. The administration of the Nashua public works retirement system is vested in a board of trustees.

2. Board of Trustees. The board of trustees shall establish rules, regulations, and policies as it deems necessary for the proper administration of the retirement plan. These rules, regulations, and policies shall include, in part, the rate of employee contributions to the retirement system, the member retirement eligibility, the amount of the retirement benefit, and the termination of any such benefit. All rules, regulations, and policies must be approved by Nashua’s governing body. The board of trustees shall be selected or appointed in accordance with procedures approved by Nashua’s governing body.

3. Management of Funds. The members of the board of trustees shall be the trustees of the funds created hereby and shall have full power to invest and reinvest such funds. The board of trustees shall have the powers, privileges, and immunities of a corporation. Said trustees shall have full power to hold, purchase, sell, assign, transfer, and dispose of any or all of the securities and investments in which the board has invested, as well as the proceeds of such investments. [Employee contributions to the Nashua public works retirement system by employee members will be at a rate determined by its board of trustees.] The Nashua public works retirement system board of trustees shall exercise the judgment and care under the circumstances then prevailing, which persons of prudence, discretion, and intelligence, acting in a like capacity and familiar with such matters, would use in the conduct of a pension plan of like character with like aims as the trust to minimize risk of loss to the trust fund.

[4. Amount of Benefit. The member retirement eligibility, the amount of the retirement benefit, the type of retirement benefit, and the termination of any such benefit shall be at the discretion of the board of trustees.]

264:2 Effective Date. This act shall take effect upon its passage.

Approved: July 16, 2009

Effective Date: July 16, 2009