New Hampshire Revised Statutes 6:12-c – Trust and Agency Funds
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I. The definitions in N.H. Rev. Stat. § 6:12 shall apply to this section.
II. All moneys received or held by the state treasurer pursuant to this section shall be kept separate from any other funds and accounts and shall be administered in accordance with N.H. Rev. Stat. § 4:8 and the terms and conditions of the referenced trust or account:
(a) The Caroline A. Fox fund of the department of natural and cultural resources.
(b) The Japanese charitable fund of the state treasurer.
(c) The Matthew Elliot memorial trust fund of the division of juvenile justice services, department of health and human services.
(d) The New Hampshire veterans’ home benefit fund of the New Hampshire veterans’ home.
(e) [Repealed.]
(f) The Harriet Huntress trust of the department of education.
(g) The Hattie Livesey trust of the department of education.
(h) The Laconia state school account.
(i) The New Hampshire hospital account.
(j) The tip-top house fund of the department of natural and cultural resources.
III. (a) The state treasurer may establish one or more other post-employment benefits (OPEB) trusts for the payment of other post-employment benefits for employees or officers of the state after their termination of service. In this paragraph, the term “other post-employment benefits” means employee benefits other than pensions that are received after employment ends, and may include such medical, disability, or other health benefits, as are covered by Statement No. 45 of the Governmental Accounting Standards Board (GASB). The term “trust” means a trust qualified under GASB Statement No. 43.
(b) Deposits to any fund under such a trust and any earnings on those deposits shall be irrevocable and shall be held in trust for the exclusive benefit of retirees and their beneficiaries in accordance with the terms of the plans or programs providing other post-employment benefits, except that funds governed by the trust may be withdrawn for other purposes only when the state’s liability owed to former officers or employees for other post-employment benefits has been satisfied or otherwise eliminated pursuant to subparagraph (d)(2). The assets of any trust created pursuant to this paragraph shall be exempt from taxation and execution, attachment, garnishment, or any other process. No public officer, employee, or agency shall divert, use, or authorize the use of such funds for any purpose other than as provided in law for other post-employment benefits covered by the trust and administrative expenses.
(c) The state treasurer shall have the full power to invest, reinvest, and manage the assets of the trust. The state treasurer shall invest the assets of the trust with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The state treasurer shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. The state treasurer may engage a trust administrator, investment consultants, or other qualified professionals to assist with management and investment of the funds of the trust and may pay for these services out of the funds of the trust.
(d) The state treasurer may withdraw money from the funds of a trust created pursuant to this paragraph only:
(1) As needed to pay other post-employment benefits owed to former state officers and employees; or
(2) When all other post-employment benefits liability owed to former state officers or employees has been satisfied or otherwise deceased.
(e) The state treasurer shall complete and make available, not later than 120 days after the close of each fiscal year, an annual comprehensive financial report of the OPEB trust for the preceding fiscal year. The comprehensive financial report shall be prepared in a manner consistent with generally accepted accounting principals and shall be audited annually by a qualified independent auditor selected by the state treasurer.
(f) When the balance of any trust established under this paragraph reaches $10,000,000, the state treasurer shall transfer responsibility for administration of the trust to a board of trustees comprised of the state treasurer and 3 members of the public. The governor, the speaker of the house of representatives, and the senate president shall each appoint one trustee, who shall be a qualified person with substantial investment or financial experience, taking into account factors such as educational background, business experience, and professional licensure and designations. The trustees shall serve 3-year terms and until a successor is appointed and qualified, except that the initial appointment by the governor shall be for a term of one year, the initial appointment by the speaker of the house of representatives shall be for a term of 2 years, and the initial appointment by the senate president shall be for a term of 3 years. No trustee, other than the state treasurer, may serve more than 3 full terms.
II. All moneys received or held by the state treasurer pursuant to this section shall be kept separate from any other funds and accounts and shall be administered in accordance with N.H. Rev. Stat. § 4:8 and the terms and conditions of the referenced trust or account:
Terms Used In New Hampshire Revised Statutes 6:12-c
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- justice: when applied to a magistrate, shall mean a justice of a municipal court, or a justice of the peace having jurisdiction over the subject-matter. See New Hampshire Revised Statutes 21:12
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
(a) The Caroline A. Fox fund of the department of natural and cultural resources.
(b) The Japanese charitable fund of the state treasurer.
(c) The Matthew Elliot memorial trust fund of the division of juvenile justice services, department of health and human services.
(d) The New Hampshire veterans’ home benefit fund of the New Hampshire veterans’ home.
(e) [Repealed.]
(f) The Harriet Huntress trust of the department of education.
(g) The Hattie Livesey trust of the department of education.
(h) The Laconia state school account.
(i) The New Hampshire hospital account.
(j) The tip-top house fund of the department of natural and cultural resources.
III. (a) The state treasurer may establish one or more other post-employment benefits (OPEB) trusts for the payment of other post-employment benefits for employees or officers of the state after their termination of service. In this paragraph, the term “other post-employment benefits” means employee benefits other than pensions that are received after employment ends, and may include such medical, disability, or other health benefits, as are covered by Statement No. 45 of the Governmental Accounting Standards Board (GASB). The term “trust” means a trust qualified under GASB Statement No. 43.
(b) Deposits to any fund under such a trust and any earnings on those deposits shall be irrevocable and shall be held in trust for the exclusive benefit of retirees and their beneficiaries in accordance with the terms of the plans or programs providing other post-employment benefits, except that funds governed by the trust may be withdrawn for other purposes only when the state’s liability owed to former officers or employees for other post-employment benefits has been satisfied or otherwise eliminated pursuant to subparagraph (d)(2). The assets of any trust created pursuant to this paragraph shall be exempt from taxation and execution, attachment, garnishment, or any other process. No public officer, employee, or agency shall divert, use, or authorize the use of such funds for any purpose other than as provided in law for other post-employment benefits covered by the trust and administrative expenses.
(c) The state treasurer shall have the full power to invest, reinvest, and manage the assets of the trust. The state treasurer shall invest the assets of the trust with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. The state treasurer shall also diversify such investments so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. The state treasurer may engage a trust administrator, investment consultants, or other qualified professionals to assist with management and investment of the funds of the trust and may pay for these services out of the funds of the trust.
(d) The state treasurer may withdraw money from the funds of a trust created pursuant to this paragraph only:
(1) As needed to pay other post-employment benefits owed to former state officers and employees; or
(2) When all other post-employment benefits liability owed to former state officers or employees has been satisfied or otherwise deceased.
(e) The state treasurer shall complete and make available, not later than 120 days after the close of each fiscal year, an annual comprehensive financial report of the OPEB trust for the preceding fiscal year. The comprehensive financial report shall be prepared in a manner consistent with generally accepted accounting principals and shall be audited annually by a qualified independent auditor selected by the state treasurer.
(f) When the balance of any trust established under this paragraph reaches $10,000,000, the state treasurer shall transfer responsibility for administration of the trust to a board of trustees comprised of the state treasurer and 3 members of the public. The governor, the speaker of the house of representatives, and the senate president shall each appoint one trustee, who shall be a qualified person with substantial investment or financial experience, taking into account factors such as educational background, business experience, and professional licensure and designations. The trustees shall serve 3-year terms and until a successor is appointed and qualified, except that the initial appointment by the governor shall be for a term of one year, the initial appointment by the speaker of the house of representatives shall be for a term of 2 years, and the initial appointment by the senate president shall be for a term of 3 years. No trustee, other than the state treasurer, may serve more than 3 full terms.