HB 90-FN - AS INTRODUCED
2003 SESSION
10/01
HOUSE BILL HB 90-FN
COMMITTEE: Executive Departments and Administration
This bill requires the retirement system to allocate the actuarial, professional and administrative cost of evaluating proposed legislation to be paid from the appropriate component of the special account.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0325
10/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to the costs incurred by the retirement system in evaluating proposed legislation.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Retirement System; Method of Financing; Proposed Legislation. Amend RSA 100-A:16, II(h)(7) to read as follows:
(7) The actuarial cost, and any professional or administrative costs, including implementation costs, incurred by the retirement system, of all legislation proposed or enacted during each fiscal year and calling for funding from the special account shall be withdrawn from the respective components of the special account on a pro rata basis, as of June 30 of each year, after funds are credited to the special account as provided in this subparagraph.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
03-0325
12/12/02
HB 90-FN - FISCAL NOTE
AN ACT relative to the costs incurred by the retirement system in evaluating proposed legislation.
FISCAL IMPACT:
The New Hampshire Retirement System states this bill will have no fiscal impact on state, county, and local revenue or expenditures.
The New Hampshire Retirement System's Special Account will decrease by an indeterminable amount in FY 2003 and each year thereafter.
METHODOLOGY:
The System states this bill would require the System to allocate the actuarial, professional, and administrative cost of evaluating proposed legislation to be paid from the appropriate component of the Special Account. The System states there would be a slight increase in the net amount of assets available for pension benefits, which would result in a deminimus savings to the System. The bill would result in less assets available in the Special Account to purchase future benefits. There are no additional administrative expenses associated with this legislation.
The Actuary's letter is on file in the bill jacket in the House Clerk's Office.