RSA 100-A:53-b · Method of Financing; Group I Teachers

100-A:53-b Method of Financing; Group I Teachers. –
I. The benefits provided under RSA 100-A:52-a 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 I teacher employer contributions made for group I teachers; or
(b) The percentage of group I employer contributions made for group I teachers determined by the actuary to be the minimum rate necessary to maintain the benefits provided under RSA 100-A:52-a.
II. All contributions made to the retirement system to provide medical benefits under RSA 100-A:52-a shall be maintained in a separate account, the 401(h) subtrust. All funds and accumulated interest 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, may be used or diverted to provide medical benefits under RSA 100-A:52-a. The funds, if any, providing medical benefits under RSA 100-A:52-a may be invested pursuant to the provisions of RSA 100-A:15.
Source. 1999, 274:4. 2000, 266:3. 2008, 300:10, 28. 2012, 261:7, eff. July 1, 2012.