CHAPTER 124
HB 356-FN - FINAL VERSION
2003 SESSION
10/09
HOUSE BILL 356-FN
AN ACT relative to including medical benefits costs in the purchase of creditable service in the retirement system.
COMMITTEE: Executive Departments and Administration
This bill provides that the determination of the cost to purchase creditable service in the retirement system shall include the costs of medical benefits.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03-0816
10/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Three
AN ACT relative to including medical benefits costs in the purchase of creditable service in the retirement system.
Be it Enacted by the Senate and House of Representatives in General Court convened:
124:1 Retirement System; Purchase of Creditable Service; Cost of Medical Benefits. Amend RSA 100-A:3, VI(c) to read as follows:
(c) Upon payment by the member of the amount determined by the actuary which shall include, where applicable, the cost of financing medical benefits paid from the 401(h) subtrust under RSA 100-A:50-55, and with the approval of the board, the member shall receive credit for such prior service. Except for allocations to the 401(h) subtrust, the full amount of such payment by the member for prior service credit shall be credited to the member annuity savings fund.
124:2 Effective Date. This act shall take effect 60 days after its passage.
(Approved: June 12, 2003)
(Effective Date: August 11, 2003)