City of Nashua
Office of the Chief Financial Officer
; ~ (603) 589-3171
229 Main Street - Nashua, NH 03060 Fan thee 98920953
TO: Mayor Jim Donchess
Board of Aldermen ry
\y
FROM: John L. Griffin, Chief Financial officer}
DATE: June 23, 2016 l/
SUBJECT: City and School Retirement Trust Funds
The purpose of this communication is to provide clarification in connection with the
establishment of the City and Schools non-capital reserve funds created to cover retirement
expenses.
R-0068 was adopted by the Board of Aldermen on June 27, 2000 as follows:
RESOLVED by the 8oard of Aldermen of the City of Nashua that a Non-Capital
Reserve Fund is established in the amount of $300,000 to cover retirement expenditures in
excess of yearly budgeted retirement appropriations. The fund may continue to increase, funds
permitting, to a level which is deemed appropriate by the Comptroller. Funds may be
transferred from this account into appropriate departmental accounts, only after administrative
review by the Mayor, President of the Board of Aldermen, Treasurer and Comptroller. The
Board of Aldermen will receive written notification prior to the transfer of funds. Any amount
expended from this account will be replenished as allowed, funds permitting, on a yearly basis.
The intent of this legistation was to provide a mechanism to deal with employee final
separation pay (i.e. accrued vacation and accrued sick time) upon retirement. in order to
qualify, the employee must meet the retirement eligibility rules of the New Hampshire
Retirement System (NHRS} and the Board of Public Works Retirement System (BPW).
