New Hampshire Revised Statutes 100-B:13 – Miscellaneous
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I. If any person to whom a contribution is repayable from the fund is a minor, or any person to whom such benefit is payable is incompetent by reason of physical or mental disability, any payment due, unless a proper claim shall have been made by a duly appointed guardian, conservator or legal representative, may be made to the member’s spouse, child, parent, or brother or sister, or to any person deemed by the committee to have incurred expenses for such person otherwise entitled to payment. Any such payment shall be a complete discharge of any liability for such payment under the plan.
II. Members and beneficiaries shall be entitled to all the contribution repayments specifically set out under the terms of the plan, but to the extent permitted by law, the contribution repayments or any of the property rights in the benefits shall not be assignable or distributable to any creditor or other claimant of such member or beneficiary. No member or beneficiary shall have the right to anticipate, assign, pledge, accelerate, or in any way dispose of any of the moneys or benefits or other property which may be payable to them.
III. All contribution repayments under the plan shall be paid or provided for solely from the fund, and a sponsor assumes no liabilities or responsibilities for benefits.
IV. Neither the action of a sponsor in the establishment of this plan or any action taken by it or by the committee shall be construed as giving any member the right to be retained in such status or any other right whatsoever except to the extent of the contribution repayments provided by the plan to be paid or made available from the fund.
V. If any provisions of this chapter or the application thereof is held invalid, the invalidity does not affect other provisions or applications of the chapter which can be given effect without the invalid provisions or application, and to this end the provisions of this chapter are severable.
VI. Whenever reasonable efforts fail to locate any member or beneficiary entitled to contribution repayments under the plan within 7 years from the time notice is first received that the member or beneficiary is not to be found at the address in the records of the sponsor, or the trustee, the committee may direct that any contribution repayments to which such person may be entitled shall thereupon be cancelled and no payment shall be made thereafter to anyone with respect to the benefits so cancelled.
VII. Forfeitures arising from death, termination of service, or otherwise under the plan shall not be applied to increase the contribution repayments any member would otherwise receive under the plan prior to the plan’s termination but shall be used as soon as possible to enhance the principal assets of the plan.
II. Members and beneficiaries shall be entitled to all the contribution repayments specifically set out under the terms of the plan, but to the extent permitted by law, the contribution repayments or any of the property rights in the benefits shall not be assignable or distributable to any creditor or other claimant of such member or beneficiary. No member or beneficiary shall have the right to anticipate, assign, pledge, accelerate, or in any way dispose of any of the moneys or benefits or other property which may be payable to them.
Terms Used In New Hampshire Revised Statutes 100-B:13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Trustee: A person or institution holding and administering property in trust.
III. All contribution repayments under the plan shall be paid or provided for solely from the fund, and a sponsor assumes no liabilities or responsibilities for benefits.
IV. Neither the action of a sponsor in the establishment of this plan or any action taken by it or by the committee shall be construed as giving any member the right to be retained in such status or any other right whatsoever except to the extent of the contribution repayments provided by the plan to be paid or made available from the fund.
V. If any provisions of this chapter or the application thereof is held invalid, the invalidity does not affect other provisions or applications of the chapter which can be given effect without the invalid provisions or application, and to this end the provisions of this chapter are severable.
VI. Whenever reasonable efforts fail to locate any member or beneficiary entitled to contribution repayments under the plan within 7 years from the time notice is first received that the member or beneficiary is not to be found at the address in the records of the sponsor, or the trustee, the committee may direct that any contribution repayments to which such person may be entitled shall thereupon be cancelled and no payment shall be made thereafter to anyone with respect to the benefits so cancelled.
VII. Forfeitures arising from death, termination of service, or otherwise under the plan shall not be applied to increase the contribution repayments any member would otherwise receive under the plan prior to the plan’s termination but shall be used as soon as possible to enhance the principal assets of the plan.