SB402: relative to an optional retirement annuity benefit for members of the Manchester retirement system.

CHAPTER 159

SB 402 – FINAL VERSION

01/29/04 0179s

15Apr2004… 1037h

2004 SESSION

04-3121

10/01

SENATE BILL 402

AN ACT relative to an optional retirement annuity benefit for members of the Manchester retirement system.

SPONSORS: Sen. D’Allesandro, Dist 20; Sen. Martel, Dist 18

COMMITTEE: Insurance

ANALYSIS

This bill allows for an optional retirement annuity benefit for members of the Manchester retirement system. The provisions of the bill are subject to a referendum vote in the city of Manchester.

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

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

01/29/04 0179s

15Apr2004… 1037h

04-3121

10/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Four

AN ACT relative to an optional retirement annuity benefit for members of the Manchester retirement system.

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

159:1 New Paragraph; Manchester Retirement System; Optional Retirement Benefit. Amend 1973, 218:12, as amended by 2002, 194:1, by inserting after paragraph V the following new paragraph:

VI. A member may elect, under rules of the board, to receive a retirement benefit of 2 percent of the member’s average final earnings for all years of service or any portion thereof, provided that the member shall be responsible for payment of 50 percent of the actuarially determined cost of the benefit. The retirement system shall be responsible for the payment of the remaining 50 percent of the actuarially determined cost of the benefit.

159:2 Referendum. At the election to be held in the city of Manchester in September or November, 2004, 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 2004, amending section 12 of the city of Manchester employees contributory retirement system to provide for an optional retirement annuity benefit?” 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 July 1, 2005, 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.

159:3 Effective Date. Section 2 of this act, relative to the referendum, shall take effect upon its passage. If the provisions of section 1 of this act shall be adopted as provided in section 2, said provisions shall be declared adopted and shall become effective July 1, 2005.

(Approved: May 24, 2004)

(Effective Date: Section 2 of this act, relative to the referendum, shall take effect May 24, 2004. If the provisions of section 1 of this act shall be adopted as provided in section 2, said provisions shall be declared adopted and shall become effective July 1, 2005)