New Hampshire Revised Statutes 100-B:12 – Amendment and Termination of Plan
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I. The committee shall have the right to amend the plan at any time provided that no amendment shall:
(a) Cause or permit any portion of the fund to become the property of the sponsor until contribution repayments to members and beneficiaries are satisfied; or
(b) Deprive any member or beneficiary retroactively of rights already accrued under the plan.
II. No amendment improving the contribution repayment amounts provided by a plan shall be made before January 1, 2001.
III. The local legislative body of the municipality shall have the right by action to terminate the plan at any time, subject to the following:
(a) If the plan is terminated in its entirety, or if the sponsor’s contributions are discontinued, and not merely suspended, the fund shall be used subject to the payment of expenses, for the benefit of members and beneficiaries and for no other purpose until all contribution repayments to members and beneficiaries for contributions payable under the plan to the date of termination or discontinuance of contributions have been satisfied.
(b) If the fund is insufficient to satisfy all contribution repayments in full, then the assets of the fund shall be applied in the following order:
(1) To provide to each member an amount equal to the member’s contributions, with credited interest thereon, to the earliest of the member’s contribution repayment date, or the date of termination, reduced by the amount of any payments made to such member, which amount shall reduce the amounts necessary to provide contribution repayments set forth in subparagraphs (2)-(4).
(2) Class 1: Retired members and other members who have attained their benefit dates.
(3) Class 2: Members who have terminated volunteer service with the sponsor, or could have terminated such service, with a right to termination benefits for themselves or their beneficiaries under N.H. Rev. Stat. § 100-B:4.
(4) Class 3: All remaining members.
(c) Each of the foregoing classes, with the exception of Class 1, shall be determined as of the date of termination of the plan.
IV. (a) If upon the application of the assets of the fund in the order of priority to provide payment in part of liabilities to members and beneficiaries in one of the 3 classes, there are assets available for that class but not sufficient to satisfy such liabilities in full, the assets available for that class shall be applied on the basis of the proportions which the available assets bear to the current values of the accrued benefits of all members and beneficiaries in that class.
(b) Upon the termination of the plan, the fund shall continue in existence and the assets shall be applied to the benefit of the several classes, or the fund may be distributed to each member or beneficiary of the current value of what such member or beneficiary is entitled to receive. These payments shall be made in installments over a period of 3 years.
V. After the fulfillment of all obligations to members and their beneficiaries provided for in this section, any portion of the fund remaining shall be returned to the governing body of the municipality.
(a) Cause or permit any portion of the fund to become the property of the sponsor until contribution repayments to members and beneficiaries are satisfied; or
Terms Used In New Hampshire Revised Statutes 100-B:12
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- governing body: shall mean the board of selectmen in a town, the board of aldermen or council in a city or town with a town council, the school board in a school district or the village district commissioners in a village district, or when used to refer to unincorporated towns or unorganized places, or both, the county commissioners. See New Hampshire Revised Statutes 21:48
- legislative body: shall mean a town meeting, school district meeting, village district meeting, city or town council, mayor and council, mayor and board of aldermen, or, when used to refer to unincorporated towns or unorganized places, or both, the county convention. See New Hampshire Revised Statutes 21:47
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) Deprive any member or beneficiary retroactively of rights already accrued under the plan.
II. No amendment improving the contribution repayment amounts provided by a plan shall be made before January 1, 2001.
III. The local legislative body of the municipality shall have the right by action to terminate the plan at any time, subject to the following:
(a) If the plan is terminated in its entirety, or if the sponsor’s contributions are discontinued, and not merely suspended, the fund shall be used subject to the payment of expenses, for the benefit of members and beneficiaries and for no other purpose until all contribution repayments to members and beneficiaries for contributions payable under the plan to the date of termination or discontinuance of contributions have been satisfied.
(b) If the fund is insufficient to satisfy all contribution repayments in full, then the assets of the fund shall be applied in the following order:
(1) To provide to each member an amount equal to the member’s contributions, with credited interest thereon, to the earliest of the member’s contribution repayment date, or the date of termination, reduced by the amount of any payments made to such member, which amount shall reduce the amounts necessary to provide contribution repayments set forth in subparagraphs (2)-(4).
(2) Class 1: Retired members and other members who have attained their benefit dates.
(3) Class 2: Members who have terminated volunteer service with the sponsor, or could have terminated such service, with a right to termination benefits for themselves or their beneficiaries under N.H. Rev. Stat. § 100-B:4.
(4) Class 3: All remaining members.
(c) Each of the foregoing classes, with the exception of Class 1, shall be determined as of the date of termination of the plan.
IV. (a) If upon the application of the assets of the fund in the order of priority to provide payment in part of liabilities to members and beneficiaries in one of the 3 classes, there are assets available for that class but not sufficient to satisfy such liabilities in full, the assets available for that class shall be applied on the basis of the proportions which the available assets bear to the current values of the accrued benefits of all members and beneficiaries in that class.
(b) Upon the termination of the plan, the fund shall continue in existence and the assets shall be applied to the benefit of the several classes, or the fund may be distributed to each member or beneficiary of the current value of what such member or beneficiary is entitled to receive. These payments shall be made in installments over a period of 3 years.
V. After the fulfillment of all obligations to members and their beneficiaries provided for in this section, any portion of the fund remaining shall be returned to the governing body of the municipality.