I. Upon a determination by the commissioner of administrative services of the feasibility of a state credit card affinity program which meets the requirements of this subdivision and the minimum enrollment required of financial services companies administering a credit card affinity program, the commissioner shall have the authority to enter into an agreement with a credit card issuer for the issuance of a co-branded or affinity credit card. The credit card issuer and terms of the co-branded card most favorable to the purpose described in paragraph II shall be selected following a request for proposals and awarded through competitive bidding.
II. All fees and other revenue attributable to payments made to the state by the credit card issuer through a co-branding or affinity agreement shall not be general funds of the state but, after deducting the necessary costs of administration by the department of administrative services, shall be paid to the board of trustees of the New Hampshire retirement system and dedicated to an annual reduction in the retirement system’s unfunded liability determined under N.H. Rev. Stat. § 100-A:16, II.