HB320: relative to permitting additional contributions in the city of Manchester employees contributory retirement system.

CHAPTER 102

HB 320 - FINAL VERSION

05/08/03 1388s

2003 SESSION

03-1022

04/01

HOUSE BILL 320

AN ACT relative to permitting additional contributions in the city of Manchester employees contributory retirement system.

SPONSORS: Rep. Clayton, Hills 50; Rep. Baroody, Hills 54

COMMITTEE: Executive Departments and Administration

AMENDED ANALYSIS

This bill allows for additional contributions for retirement benefits for members of the Manchester retirement system. The bill also provides for continuity of members of the board of trustees. The provisions of the bill are subject to a referendum vote in the city of Manchester.

The bill also corrects the date of the election in the city of Manchester for HB 321 of the 2003 legislative session.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

05/08/03 1388s

03-1022

04/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT relative to permitting additional contributions in the city of Manchester employees contributory retirement system.

Be it Enacted by the Senate and House of Representatives in General Court convened:

102:1 New Paragraph; Manchester Retirement System; Contributions by Employees; Additional Contributions. Amend 1973, 218:9, as amended by 2002, 194:1, by inserting after paragraph II the following new paragraph:

III.(a) In addition to the contributions deducted from the compensation of members as hereinbefore provided, and subject to the approval of the board of trustees and to such rules and regulations as the board may make with respect to the crediting of interest thereon, any member may provide an additional retirement allowance by making contributions at an additional rate not in excess of the rate computed to be sufficient to provide an additional retirement allowance which, together with his regular retirement allowance, will result in a total retirement allowance not in excess of 50 percent of his final average earnings. Such additional contributions shall become part of his accumulated contributions except in the case of retirement, when they shall be treated as excess contributions returnable to the member in cash or as a member annuity of equivalent actuarial value. Any actuarial fees incurred in determining the amount of additional contributions required to provide benefits pursuant to this subparagraph shall be paid by the member.

(b)(1) Any member, or a member's employer, may make additional contributions on behalf of a member at an additional rate as determined by the actuary and approved by the board of trustees or its designee. Any additional contributions made by a member who intends to retire pursuant to section 11, paragraph II, or additional contributions of the employer, may be used to offset the reduction, or a portion thereof, in retirement benefits for early retirement as provided in section 14. Any actuarial fees incurred in determining the amount of additional contributions required for early retirement as provided by this subparagraph shall be paid by the member.

(2) Any additional contributions made under this subparagraph shall become part of the member's accumulated contributions including interest, and may be withdrawn, in cash, upon the member's retirement in lieu of the provisions in subparagraph (b) (1).

102:2 Board of Trustees; Vacancy. Amend 1973, 218:5, as amended by 2002, 194:1 to read as follows:

IV. In the event of a vacancy on the retirement board, such vacancy shall be filled in the same manner as the member to be succeeded was appointed or elected and for the remainder of the unexpired term. [In no event shall any person remain a member of the retirement board if he or she is no longer a member of the body from which he or she was appointed or elected.] Any person who is vacating a trustee position on the board may, if the trustee's circumstances permit, continue to represent the membership as a trustee for a period not to exceed 6 months, or, until a successor is appointed or elected, whichever period is shortest.

102:3 Referendum. At an election to be held in the city in either September or November, 2003, the city clerk then in office shall cause to be included on the ballot the following statement and question: "A contributory retirement plan for city employees was adopted by the voters of Manchester at the November 1973 election. The plan became effective in January 1974, and now, benefit improvements are requested. Are you in favor of the passage of an act of the General Court of 2003, amending sections 5 and 9 of the city of Manchester employees contributory retirement system to provide for additional contributions and vacancies in the board of trustees?" Beneath this statement and question shall be printed the word "Yes" and the word "No" with a square immediately opposite such word in which the voter may indicate his or her choice. If a majority of the voters present and voting on the question shall signify their approval thereof, this act shall be declared adopted effective as of the date of the election, except as otherwise provided within the act. The city clerk shall, within 10 days after said election, certify to the secretary of state the result of the vote on the question.

102:4 Manchester Retirement System Legislation; HB 321 of the 2003 Session; Election Date for Referendum Corrected. Amend section 3 of HB 321 of the 2003 legislative session to read as follows:

3 Referendum. At [the] an election to be held in the city in either September or November, [2004] 2003, the city clerk then in office shall cause to be included on the ballot the following statement and question: "A contributory retirement plan for city employees was adopted by the voters of Manchester at the November 1973 election. The plan became effective in January 1974, and now, benefit improvements are requested. Are you in favor of the passage of an act of the General Court of 2003, amending sections 16 and 18 of the city of Manchester employees contributory retirement system to provide for changes in accidental and ordinary death benefits?" Beneath this statement and question shall be printed the word "Yes" and the word "No" with a square immediately opposite such word in which the voter may indicate his or her choice. If a majority of the voters present and voting on the question shall signify their approval thereof, this act shall be declared adopted effective as of the date of the election, except as otherwise provided within the act. The city clerk shall, within 10 days after said election, certify to the secretary of state the result of the vote on the question.

102:5 Effective Date.

I. Section 3 of this act, relative to the referendum, shall take effect upon its passage. If the provisions of sections 1 and 2 of this act shall be adopted as provided in section 3, said provisions shall be declared adopted and shall become effective on the date of the election.

II. The remainder of this act shall take effect upon its passage.

(Approved: June 6, 2003)

(Effective Date: I. Section 3 of this act, relative to the referendum, shall take effect June 6, 2003. If the provisions of sections 1 and 2 of this act shall be adopted as provided in section 3, said provisions shall be declared adopted and shall become effective on the date of the election.

II. The remainder of this act shall take effect June 6, 2003)