This bill appropriates $50,000,000 from the General Fund to the New Hampshire Retirement System for the fiscal year ending June 30, 2023. The funds will be used to pay down the unfunded accrued liability of the retirement system. The appropriation cannot be used for any other purposes. The bill also authorizes the governor to draw a warrant for the funds from the treasury.

The fiscal impact of the bill is as follows: The appropriation of $50,000,000 is projected to reduce employer contribution rates over a 20-year period beginning in FY 2026. The impact on employer contribution rates for employees, teachers, police, and fire is estimated to be a decrease of 0.09%, 0.14%, 0.21%, and 0.20% respectively. The total expected employer dollar decrease due to the proposal is $830,000 for the state and $3,510,000 for political subdivisions.