New Hampshire House Bill HB278

New Hampshire 2023 Regular Session

• Introduced: 1/9/23
• Refer: 1/9/23
• Report Pass: 2/24/23
• Engrossed: 3/14/23
• Refer: 3/14/23
• Report Pass: 4/5/23
• Enrolled: 5/23/23
• Chaptered: 6/2/23
• Passed: 6/2/23

Caption

Relative to retirement system employer reports.

Impact

The enactment of HB 278 is expected to have no fiscal impact on state, county, or local expenditures, as confirmed by the New Hampshire Retirement System. This suggests that the implementation of the reporting requirements will not incur additional costs to the state budget or local authorities. The bill seeks to enhance data accuracy without straining financial resources, thereby maintaining the fiscal integrity of the retirement system.

Summary

House Bill 278, introduced in the New Hampshire legislature, focuses on employer reporting requirements within the state's retirement system. The bill ratifies previous provisions that mandate employers to submit compensation reports related to the retirement system and establishes penalties for noncompliance. These changes are aimed at ensuring that the retirement system receives accurate and timely data necessary for proper management and funding of pension benefits for state employees.

Contention

While the text of the bill does not indicate significant points of contention, the requirement for penalties related to noncompliance may raise concerns among some employer groups. There is the potential for debate around what constitutes compliance and the fairness of penalties imposed, especially in the context of small businesses that might struggle with administrative burdens. Stakeholders could argue about the balance between ensuring accountability in reporting and imposing excessive regulatory requirements on employers.