New Hampshire Revised Statutes 100-A:43 – Withdrawal Authorized
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Terms Used In New Hampshire Revised Statutes 100-A:43
- Actuary: shall mean (a) a member of the American Academy of Actuaries or (b) an individual who has demonstrated to the satisfaction of the state insurance commissioner that he has the educational background necessary for the practice of actuarial science and has had at least 7 years of actuarial experience. See New Hampshire Revised Statutes 100-A:1
- board: shall mean the board provided for in N. See New Hampshire Revised Statutes 100-A:1
- Board of trustees: or "board" shall mean the board provided for in N. See New Hampshire Revised Statutes 100-A:1
- Employer: shall mean (a) the state or any department, commission, institution, or agency of the state government by which an employee is paid through the office of the state treasurer with respect to their employees, (b) the state, the local school district, or other employers of teachers eligible for membership in the system with respect to the teachers in their employ, (c) any police department or police force of the state, or of any county, city, town, village, or precinct in the state with respect to the permanent policemen in their employ, (d) any fire department of the state, or of any county, city, town, village, or precinct in the state with respect to the permanent firemen in their employ, (e) any political subdivision that has elected to participate under N. See New Hampshire Revised Statutes 100-A:1
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions hereof. See New Hampshire Revised Statutes 100-A:1
- Retirement allowance: shall mean the sum of the member annuity and the state annuity. See New Hampshire Revised Statutes 100-A:1
- Retirement system: shall mean the New Hampshire Retirement System as defined in N. See New Hampshire Revised Statutes 100-A:1
Notwithstanding any governing board, or authority which, pursuant to N.H. Rev. Stat. § 100:29 or 30, N.H. Rev. Stat. § 100:49 or 50 or any governing board or authority which, pursuant to N.H. Rev. Stat. § 100-A:20 or N.H. Rev. Stat. § 100-A:29 or 30, elected to have its officers and employees become eligible to participate under the respective systems, such officers and employees are hereby authorized to withdraw from the retirement system on the next anniversary date of their participation provided notice is filed with the board of trustees, on a form prescribed by the board, no less than 120 days prior to the withdrawal date. The right of an employer to withdraw from the retirement system under this section shall be subject to the condition that prior to withdrawal, the employer shall present to the board of trustees a certified report from an enrolled actuary which states that the alternative benefits which shall be provided to its employees shall be at least equal to the benefits which the employees currently receive from the retirement system; provided, however, that an employer which has an established unfunded accrued liability at the time which it elects to withdraw from the retirement system under this section, and whose officers and employees have elected to and are receiving retirement benefits or have filed for a vested deferred retirement allowance, shall pay the balance of the unfunded accrued liability on a prorated basis as determined by the retirement system actuary for any such officers or employees.