New Hampshire Code of Administrative Rules
Ret - Board of Trustees of the N.H. Retirement System
Chapter Ret 300 - PARTICIPATION IN THE RETIREMENT SYSTEM
Part Ret 311 - EMPLOYER WITHDRAWAL
Section Ret 311.02 - Procedure

Universal Citation: NH Admin Rules Ret 311.02

Current through Register No. 40, October 3, 2024

(a) An employer whose governing board or authority has elected to have its officers and employees participate in the NHRS may withdraw provided:

(1) It has put the written question "Are you in favor of withdrawing from NHRS?" to its vested member officers and employees and three-fourths of the vested officers and employees have voted in favor of withdrawing;

(2) The employee vote is advisory and shall not require an employer to proceed with the withdrawal, nor shall a negative vote prevent an employer from proceeding with the withdrawal;

(3) The governing body or authority has voted to withdraw;

(4) The employer certifies the results of the member vote to the NHRS when it files its request to withdraw; and

(5) The employer notifies its employees in writing of their rights under Ret 311.03 in the event that a withdrawal takes place.

(b) Prior to withdrawal the employer shall present the board of trustees with a certified report from an enrolled actuary stating:

(1) The employer has a plan for providing retirement benefits to its employees; and

(2) The alternative benefits to be provided in a defined benefit plan are at least equal to the defined benefits which the employees receive from the NHRS.

(c) The board of trustees shall have the employer's report analyzed by the NHRS's actuary to confirm that the new benefits will be at least equal to those of the NHRS.

(d) Costs for the NHRS's actuarial review shall be paid by the employer under Ret 313.01(g) and (h).

(e) Before it may withdraw, an employer which has an established unfunded accrued liability shall pay the balance of the liability for:

(1) Its officers and employees who are receiving retirement benefits;

(2) Its officers and employees who have elected to retire by the date of withdrawal; and

(3) Its former employees who are qualified for a vested deferred retirement allowance.

(f) The NHRS actuary shall determine the balance of the employer's unfunded accrued liability in accordance with Ret 311.04.

(g) The withdrawing employer shall be responsible for paying its NHRS contributions for the normal cost and the balance of the established unfunded accrued liability until the withdrawal date set by the board of trustees.

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