New Hampshire Revised Statutes 100-A:53-d – Method of Financing; Group I State Employees
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I. The benefits provided under N.H. Rev. Stat. § 100-A:52-b 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 employer contributions made for group I state employees; or
(b) The percentage of group I employer contributions made for group I state employees determined by the actuary to be the minimum rate necessary to maintain the benefits provided under N.H. Rev. Stat. § 100-A:52-b.
II. All contributions made to the retirement system to provide medical benefits under N.H. Rev. Stat. § 100-A:52-b 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 N.H. Rev. Stat. § 100-A:52-a. The funds, if any, providing medical benefits under N.H. Rev. Stat. § 100-A:52-b may be invested pursuant to the provisions of N.H. Rev. Stat. § 100-A:15.
(a) 25 percent of group I employer contributions made for group I state employees; or
Terms Used In New Hampshire Revised Statutes 100-A:53-d
- Actuary: shall mean (a) a member of the American Academy of Actuaries or (b) an individual who has demonstrated to the satisfaction of the state insurance commissioner that he has the educational background necessary for the practice of actuarial science and has had at least 7 years of actuarial experience. See New Hampshire Revised Statutes 100-A:1
- Employer: shall mean (a) the state or any department, commission, institution, or agency of the state government by which an employee is paid through the office of the state treasurer with respect to their employees, (b) the state, the local school district, or other employers of teachers eligible for membership in the system with respect to the teachers in their employ, (c) any police department or police force of the state, or of any county, city, town, village, or precinct in the state with respect to the permanent policemen in their employ, (d) any fire department of the state, or of any county, city, town, village, or precinct in the state with respect to the permanent firemen in their employ, (e) any political subdivision that has elected to participate under N. 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
- State: shall mean the state of New Hampshire. See New Hampshire Revised Statutes 100-A:1
(b) The percentage of group I employer contributions made for group I state employees determined by the actuary to be the minimum rate necessary to maintain the benefits provided under N.H. Rev. Stat. § 100-A:52-b.
II. All contributions made to the retirement system to provide medical benefits under N.H. Rev. Stat. § 100-A:52-b 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 N.H. Rev. Stat. § 100-A:52-a. The funds, if any, providing medical benefits under N.H. Rev. Stat. § 100-A:52-b may be invested pursuant to the provisions of N.H. Rev. Stat. § 100-A:15.