New Hampshire Revised Statutes 100-B:6 – Distribution of Accumulated Contributions
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I. There shall be a distribution of the accumulated contributions of the member or sponsor upon the first to occur of the following:
(a) Termination of volunteer service;
(b) Attainment of age 60 by the member; or
(c) Death of the member.
II. The distribution shall occur as a lump sum or as a single premium annuity, payable to the member, or to the named beneficiary or beneficiaries of the member, in the case of distribution after the member’s death.
III. No distributions paid under the plan shall commence prior to January 1, 2001.
(a) Termination of volunteer service;
Terms Used In New Hampshire Revised Statutes 100-B:6
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
(b) Attainment of age 60 by the member; or
(c) Death of the member.
II. The distribution shall occur as a lump sum or as a single premium annuity, payable to the member, or to the named beneficiary or beneficiaries of the member, in the case of distribution after the member’s death.
III. No distributions paid under the plan shall commence prior to January 1, 2001.