Past - 1984:
A Granite (State) Foundation
» NH Constitution amended (Part |, Article 36-a)
° Establishes that pension funds are for the exclusive
benefit of NHRS members and are not to be diverted
for any other purpose
° Requires Trustees to set actuarially sound employer
contribution rates and employers to pay the rates in
full
¢ Distinguishes NHRS from many systems where
annual funding level is at the discretion of the
legislature (e.g. Illinois, New Jersey, Kentucky)
Past - 1985:
Autonomy from the State
» NH Supreme Court rules in Sununu v NHRS
° Issue: Whether or not NHRS contracts had to be
approved by the Governor & Executive Council
° Decision: NHRS is not an Executive Branch agency
and operates for the exclusive benefit of its
members - largely taking retirement system
management and administration out of the political
realm
9/20/2021
