Section Ret 308.03 - Eligibility, Payment, Receipt of Credit(a) Any eligible employee may petition the board of trustees for prior service credit under RSA 100-A:3, VI(d)(1) by filing a completed "Request For Cost Calculation To Purchase Service Credit Employer Enrollment Oversight" NHRS Form EOS 1 (Rev11/2016).(b) The board of trustees, or its designee, shall review all properly filed petitions and make an administrative determination of eligibility pursuant to the requirements set forth in RSA 100-A:3, VI(d)-(e).(c) If the board of trustees or its designee, upon review of a petition, finds that a petitioning eligible employee is eligible pursuant to RSA 100-A:3, VI(d)-(e), to receive prior service credit, the eligible employee and the employer shall be provided a written notice of this finding which shall include an actuary's statement.(d) Upon an initial finding in favor of the eligible employee, the eligible employee shall within 90 days after the date of notice of eligibility/actuary statement:(1) Make a lump sum payment of 1/2 of the cost of the prior service credit;(2) Elect, in writing, to make annual installments over a period not to exceed 6 years, plus annual interest at the same rate as then paid on member accounts, on the unpaid balance; or(3) Petition the board of trustees for relief due to inability to pay pursuant to Ret 308.08.(e) An eligible employee who fails to comply with the requirements of (d) above shall be required to reapply and the prior service credit cost shall be recalculated in accordance with Ret 308.03(j)(f) The employer shall pay 1/2 the prior service credit cost, as determined in (j), below, within 45 days after the date of notice from the board of trustees or its designee that the eligible employee has made a lump sum payment or an election to pay by installments under (d)(1) or (d)(2) above.(g) An employer who fails to make timely payment of its 1/2 share of the prior service credit cost shall in accordance with RSA 100-A:16, V incur an interest charge of 1% per month for each month or part thereof that the payment is delinquent.(h) An eligible employee shall not receive prior service credit until final approval has been granted by the board of trustees or its designee in accordance with RSA 100-A:3, VI(d)(1) and (i), below.(i) Final approval of the receipt of credit for prior service shall not be granted prior to full payment, 1/2 by the eligible employee and 1/2 by the employer, of the prior service credit cost.(j) The prior service credit cost shall equal the product of the eligible employee's current annual rate of compensation, multiplied by the sum of the eligible employee and employer contribution rates in effect as of the filing date of the petition and multiplied by the number of years of prior service credit purchased.(k) For the purposes of (j) above, an eligible employee's current annual rate of compensation shall not include any overtime, holiday, payout of accrued vacation time, longevity, or severance pay or any such additional amounts paid for extracurricular activities, other instructional activities, or cost of living bonuses.(l) Upon the granting of final approval, pursuant to (h) above, an eligible employee shall receive the prior service credit.(m) The prior service credit shall be effective as of the date of final approval and any benefits derived from such prior service credit shall not be retroactive.(n) If an eligible employee's petition for prior service credit is denied pursuant to RSA 100-A:3, VI(d)-(e) and Ret 201 by the board of trustees after an initial finding in favor of an eligible employee and the receipt of an eligible employee's lump sum payment in full, or partial installment payment, of 1/2 of the prior service credit cost, the eligible employee shall receive a refund of such payment with interest, at the same rate as then paid on eligible employee accounts, from the date of payment to the date of refund.N.H. Admin. Code § Ret 308.03
#5324, eff 2-5-92 (from Ret 307.04) , EXPIRED: 2-5-98
New. #7375, INTERIM, eff 10-13-00, EXPIRES: 4-11-01; ss by #7478, eff 4-10-01; ss by #7573, eff 10-10-01, EXPIRED: 10-10-09
New. #9562, eff 10-14-09
Amended by Volume XXXVIII Number 19, Filed May 10, 2018, Proposed by #12511, Effective 4/11/2018, Expires 10/8/2028.Amended by Volume XXXIX Number 06, Filed February 7, 2019, Proposed by #12707, Effective 1/9/2019, Expires 1/9/2029.