CHAPTER 154
HB 1560-FN - FINAL VERSION
24feb00.....3485h
2000 SESSION
10/01
HOUSE BILL 1560-FN
AN ACT relative to the purchase of certain prior service by county corrections officers in the New Hampshire retirement system.
COMMITTEE: Executive Departments and Administration
This bill allows certain county corrections officers to purchase as group II service, at their own cost, service completed after July 24, 1987 but before such employment was classified as group II in their county.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24feb00.....3485h
00-2393
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT relative to the purchase of certain prior service by county corrections officers in the New Hampshire retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
154:1 New Hampshire Retirement System; County Corrections Personnel; Eligibility for Purchase of Prior Group I Service as Group II Service. At the time any county elects to transfer the corrections officer personnel employed at its correctional facilities from group I to group II retirement system service under the provisions of RSA 100-A:20, III, any corrections officer, who has prior eligible group I service as a corrections officer in a facility of the county in question, may purchase such service as group II service notwithstanding any provisions of RSA 100-A:20, III to the contrary. Provided, however, that the period of the service must have been performed between the dates of July 24, 1987 and the date of the transfer of the corrections positions to group II. A one-time cost of obtaining such prior service credit, determined by the actuarial accrued liability methodology, shall be the responsibility of the member requesting the calculation. An eligible member shall notify the board of trustees of the member's desire to purchase such time and shall purchase such time within 5 years of the effective date of this act.
154:2 Effective Date. This act shall take effect 60 days after its passage.
(Approved: May 23, 2000)
(Effective Date: July 22, 2000)
LBAO
00-2393
Amended 3/21/00
HB 1560 FISCAL NOTE
AN ACT relative to the purchase of certain prior service by county corrections officers in the New Hampshire retirement system.
FISCAL IMPACT:
The N.H. Retirement System indicates this bill, as amended by the House, will have no fiscal impact on state, county and local revenues or expenditures.
METHODOLOGY:
The System indicates this bill would allow certain Group II County Corrections Officers to purchase Group II service completed after July 24, 1987, but before such employment was classified as Group II in their county. The cost of purchasing such service would be calculated by using the actuarial accrued liability methodology. The System's Actuary would provide the calculations to the participating member at a cost of $300 per calculation. Any County Corrections Officers opting to purchase prior service would be responsible for the costs of obtaining such service.
The System states that this legislation may create an additional administrative burden, but the cost is difficult to quantify without knowing the number of split benefit members who would qualify and chose to receive this benefit.
The Actuary's letter is on file in the bill jacket in the House Clerk's Office.