New Hampshire Revised Statutes 100-A:24-a – Pension Portability, Purchase of Permissive Service Credit
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I. A member participating under a retirement arrangement federally tax-qualified under Sections 403(b) or 457 of the United States Internal Revenue Code of 1986, as amended, may authorize a direct trustee-to-trustee transfer of funds credited to the member’s account held under such transferor plan for purchase under the retirement system of permissive service credit, as defined in Section 415(n)(3)(A) of the United States Internal Revenue Code of 1986, as amended, or for the purchase of qualifying prior service, on behalf of such member.
II. The provisions of this section shall be subject to such restrictions or qualifications as may be required by the retirement system in conformity with applicable provisions of the United States Internal Revenue Code of 1986, as amended.
III. Service credit purchased under this section shall be creditable service for the purpose of eligibility for retirement and other benefits under N.H. Rev. Stat. Chapter 100-A as may be permitted under applicable provisions of the United States Internal Revenue Code of 1986, as amended.
II. The provisions of this section shall be subject to such restrictions or qualifications as may be required by the retirement system in conformity with applicable provisions of the United States Internal Revenue Code of 1986, as amended.
Terms Used In New Hampshire Revised Statutes 100-A:24-a
- Creditable service: shall mean prior service plus membership service, as provided in N. See New Hampshire Revised Statutes 100-A:1
- Member: shall mean any person included in the membership of the retirement system, as provided in N. See New Hampshire Revised Statutes 100-A:1
- Prior service: shall mean service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one or more of the predecessor systems, and as set forth under this chapter. See New Hampshire Revised Statutes 100-A:1
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions hereof. See New Hampshire Revised Statutes 100-A:1
- Retirement system: shall mean the New Hampshire Retirement System as defined in N. See New Hampshire Revised Statutes 100-A:1
- Service: shall mean service as an employee, a teacher, a permanent policeman or a permanent fireman which is paid for by an employer. See New Hampshire Revised Statutes 100-A:1
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
III. Service credit purchased under this section shall be creditable service for the purpose of eligibility for retirement and other benefits under N.H. Rev. Stat. Chapter 100-A as may be permitted under applicable provisions of the United States Internal Revenue Code of 1986, as amended.