Section 100-A:53 Method of Financing; Group II. - New Hampshire Statutes

   I. The benefits provided under RSA 100-A:52 shall be provided by a 401(h) subtrust of the New Hampshire retirement system. Beginning July 1, 2009, the 401(h) subtrust shall be funded by allocating to the subtrust the lesser of:
      (a) 25 percent of group II employer contributions made for group II; or
      (b) The percentage of group II employer contributions made for group II determined by the actuary to be the minimum rate necessary to maintain the benefits provided under RSA 100-A:52.
   II. The special account established in RSA 100-A:16, II(h), for group II members, shall be augmented as of July 1, 1988, by $23,700,000 resulting from a one-time write-up of the valuation assets as of June 30, 1987. At the end of each fiscal year beginning with the year ending June 30, 1989, and ending with the fiscal year ending June 30, 2007, the state annuity accumulation fund of the New Hampshire retirement system shall be reimbursed from the special account established in RSA 100-A:16, II(h) for the amount of funds allocated to the 401(h) subtrust for that year, and such reimbursement shall continue until the benefits provided through the subtrust are fully funded or until the total accumulated reimbursement equals the sum of:
      (a) The initial special account amount as of June 30, 1988, of $52,800,000;
      (b) The additional special account amount as of June 30, 1993, which shall be determined by the actuary as an amount which shall be sufficient to provide benefits under RSA 100-A:52 for persons who meet the requirements of RSA 100-A:52, I(f);
      (c) The additional special account amount as of June 30, 1993, of $1,200,000 to provide benefits under RSA 100-A:52 for persons who meet the requirements of RSA 100-A:52, I(g); and
      (d) Future accumulated interest per year on the balance of the reimbursement funds remaining in the special account.
   III. Except as provided in RSA 100-A:54, II, all contributions made to the retirement system to provide medical benefits under RSA 100-A:52 shall be maintained in a separate account, the 401(h) subtrust, and such funds shall not be used for or diverted to any purpose other than to provide said medical benefits. Similarly, none of the funds accumulated to provide the retirement benefits set forth in this chapter, including the special account established under RSA 100-A:16, II(h), may be used or diverted to provide medical benefits under RSA 100-A:52. The funds, if any, accumulated to provide medical benefits under RSA 100-A:52 may be invested pursuant to the provisions of RSA 100-A:15.

Source. 1988, 191:5. 1993, 331:11. 1994, 310:2. 1999, 274:3, eff. Jan. 1, 2000. 2008, 300:9, eff. July 1, 2009; 300:27, eff. June 30, 2008.