SB 438-FN - AS INTRODUCED
2002 SESSION
10/09
SENATE BILL 438-FN
AN ACT extending the retirement while in service election to all retirement system members whose membership is optional.
COMMITTEE: Executive Departments and Administration
This bill allows any eligible retirement system member for whom membership is optional to elect to receive an allowance while still in service.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02-3172
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Two
AN ACT extending the retirement while in service election to all retirement system members whose membership is optional.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System Membership; Optional Membership. Amend RSA 100-A:3, I(c) to read as follows:
(c) Notwithstanding the provisions of RSA 100-A:7, any member [who is an unclassified or non-classified state employee] eligible for retirement for whom membership is optional, may elect to withdraw from membership and apply to receive an allowance under RSA 100-A:5. Upon such election, the member shall be deemed to have terminated employment and withdrawn from membership with a retirement allowance and shall not be subject to service provisions of RSA 100-A:7.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
02-3172
Revised 2/28/02
SB 438 FISCAL NOTE
AN ACT extending the retirement while in service election to all retirement system members whose membership is optional.
FISCAL IMPACT:
The New Hampshire Retirement System is unable to determine the fiscal impact of this bill on state, county, and local expenditures. This bill will have no fiscal impact on state, county, and local revenue.
METHODOLOGY:
This bill will allow members for whom membership is optional, and are eligible for retirement, to withdraw from membership and receive a retirement allowance under RSA 100-A:5. The System's Actuary cannot provide a cost analysis of this bill until the legislation is reviewed for compliance with the Internal Revenue Service (IRS) qualification rules and regulations applicable to pension plans.
The Actuary's letter is on file in the bill jacket in the Senate Clerk's Office.