SB 17-FN - AS INTRODUCED
2001 SESSION
10/01
SENATE BILL 17-FN
AN ACT relative to accidental disability retirement benefits upon the death of a retired group II member.
SPONSORS: Sen. Wheeler, Dist 21; Sen. Klemm, Dist 22; Rep. Pepino, Hills 40
This bill allows a surviving spouse of a retired group II retirement system member, upon the death of the member, to receive a 50 percent allowance in addition to a lump sum amount.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01-0195
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT relative to accidental disability retirement benefits upon the death of a retired group II member.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Benefits upon Member's Death After Retirement; Group II; Accidental Disability. Amend RSA 100-A:12, I to read as follows:
I. Upon the death of a retired group II member who retired before April 1, 1987, after the member's retirement allowance payments have commenced, there shall be paid to the person nominated by the member by written designation filed with the board, if living, otherwise to the retired member's estate, in addition to the amount payable under RSA 100-A:11 a lump sum of $3,600[; provided, however, that]. If said retired member was, prior to the member's death, in receipt of an accidental disability retirement allowance there shall be paid to the person's spouse, if surviving, [in lieu of such lump sum payment,] an allowance to continue until the spouse's death or remarriage equal to 50 percent of the accidental disability retirement allowance payable to the retired member prior to the member's death.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
01-0195
12/21/00
SB 17-FN - FISCAL NOTE
AN ACT relative to accidental disability retirement benefits upon the death of a retired group II member.
FISCAL IMPACT:
The New Hampshire Retirement System stated this bill will increase state restricted expenditures by $3,900 in FY 2001, and by $2,000 in FY 2002 and each fiscal year thereafter. There will be no fiscal impact on state, county and local revenue or county and local expenditures.
The New Hampshire Retirement System's Special Account will decrease by $310,000 in FY 2001.
METHODOLOGY:
The System stated this bill would provide to the widowed spouses of Group II members who retired under an accidental disability retirement prior to April 1, 1987, a lump sum payment of $3,600, as well as an annuity equal to 50% of the accidental disability allowance the member was receiving. The System has determined the cost to terminally fund these benefits from the Special Account would be $174,000 for Policemen and $136,000 for Firemen, for a total cost of $310,000.
The System estimated a one-time administrative expense of $1,900 in FY 2001 to revise the System's computer program. In addition, the annual administrative expense for System staff is estimated to increase by $2,000 in FY 2001 and each year thereafter, as a result of this bill.
The Special Account balance as of June 30, 2000 was $95,100,000 for Policemen and $73,800,000 for Firemen.
The Actuary's letter is on file in the bill jacket in the Senate Clerk's Office.