This bill proposes an appropriation of $50,000,000 to the New Hampshire Retirement System for the fiscal year ending June 30, 2024, specifically to address the system's unfunded accrued liability. The funds are to be used exclusively for reducing the unfunded liability and cannot be diverted for other purposes. The governor is given the authority to issue a warrant for this sum from any money in the state treasury that is not already allocated for other uses. The bill is set to take effect on June 30, 2024.

The fiscal note attached to the bill indicates that there will be no impact on state revenue, and the expenditures for fiscal years 2026 and 2027 are indeterminable at this time. The funding for the appropriation will come from the General Fund. The bill does not provide for any new positions to implement its provisions, and the New Hampshire Retirement System's actuary has confirmed that contributions for fiscal years 2024 and 2025 are certified and will not change as a result of this bill. The potential impact on employer rates for fiscal years 2026 and beyond will be determined based on the actuarial valuation as of June 30, 2023. The bill's fiscal impact on county and local governments is not separable and is therefore not determined. The Office of Legislative Budget Assistant is awaiting further information from the New Hampshire Retirement System to provide a revised fiscal note if necessary.

Statutes affected:
Introduced: 100-A:5
As Amended by the House: 100-A:1, 100-A:5, 100-A:6-a