New Hampshire Code of Administrative Rules Ret - Board of Trustees of the N.H. Retirement System
🏛️ Board of Trustees: Structure and Responsibilities
The NHRS is managed by a 13-member Board of Trustees, as outlined in RSA 100-A:14. The composition includes:
One employee member
One teacher member
One firefighter member
One police officer member
Four employer representatives
Four public members
The State Treasurer (ex officio)
These trustees are nominated by the governor for three-year terms and must be confirmed by the Executive Council. The Board's duties encompass:
Establishing investment strategies and asset allocations
Monitoring investment performance
Adopting administrative rules
Reporting to the legislature on the system's status
Approving retirement benefits and policies
The NHRS staff operates under the general policies set by the Board and the supervision of the executive director. Their responsibilities include maintaining member accounts, processing retirement applications, and providing retirement counseling services nhrs.org+1.
📄 Key Administrative Rules
1. Notice of Intent to Retire (Ret 305.01)
Members intending to retire must submit the appropriate application forms 30 to 90 days before the desired retirement date. This ensures adequate processing time for the Board to review and approve retirement applications Justia Regulations.
2. Effective Date of Retirement Allowance (Ret 305.02)
Retirement allowances become effective on the first of the month following the termination of service, provided all conditions are met. The first payment is issued on the last day of that month Justia Regulations.
3. Filing for Benefits (Ret 305.03)
Applicants must complete and submit the appropriate forms for the type of benefit requested between 30 and 90 days prior to the effective retirement date. This applies to service, vested deferred, and disability retirement benefits Justia Regulations.
4. Calculation of Average Final Compensation (Ret 310.03)
The average final compensation is calculated based on the member's earnable compensation during the final 12 months of creditable service, including accrued salary, accumulated leave, and severance pay. This calculation is crucial for determining the retirement benefit amount Justia Regulations.
5. Conflict of Interest (Ret 401.03)
Trustees, investment committee members, and staff must disclose any conflicts of interest or situations that could be perceived as conflicts. This ensures transparency and integrity in the Board's decision-making processes Justia Regulations.
⚖️ Legal Precedents and Case Law
While specific case law directly interpreting the NHRS administrative rules is limited, the Board's decisions are subject to judicial review under New Hampshire law. For instance, in Appeal of New Hampshire Retirement System, 159 N.H. 89 (2009), the New Hampshire Supreme Court reviewed the Board's interpretation of retirement statutes, emphasizing the necessity for clear statutory authority in administrative decisions.
Additionally, the Board's fiduciary duties are underscored in cases such as In re New Hampshire Retirement System, 153 N.H. 1 (2006), where the Court held that trustees must act solely in the interest of the participants and beneficiaries, avoiding conflicts of interest and ensuring the system's financial health.
🔍 Summary
The New Hampshire Retirement System's Board of Trustees is entrusted with significant responsibilities to ensure the system's effective administration and the protection of its members' interests. Through adherence to established administrative rules and compliance with legal precedents, the Board strives to maintain the integrity and sustainability of the retirement system.
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