Section 100-A:21 Participation of Members of Local Retirement Systems.
I. Should a majority of the members of any local retirement system elect to become members of the retirement system, by a petition duly signed by such members, and should their employer elect to have them participate by resolution legally adopted in form approved by the board of trustees of the retirement system, such employees shall participate in the retirement system as though such local retirement system were not in operation. The retirement allowances being paid by the local retirement system on the date such participation in the retirement system becomes effective shall be continued and paid at their existing rates by the retirement system and the liability on this account shall be included in the computation of the accrued liability contribution payable by the employer as provided by RSA 100-A:24. Any cash and securities to the credit of the local retirement system shall be transferred to the retirement system as of the date participation begins. The trustees or other administrative head of the local retirement system as of the date of participation shall certify the proportion of any of the funds of the local retirement system that represents the accumulated contributions of the members and the relative shares of the members as of that date. Such shares shall be credited to the respective annuity savings account of such members in the retirement system as additional contributions. The balance of the funds transferred to the retirement system shall be offset against the accrued liability before determining the special accrued liability contribution to be paid by the employer as provided by RSA 100-A:24. The operation of the local retirement system shall be discontinued as of the date participation becomes effective in the retirement system.
II. Any members of any local retirement system who, pursuant to the provisions of RSA 100:33 of the employees' retirement system of the state of New Hampshire, elected to become members of said system and who, pursuant to the terms of RSA 100-A:3, elect to become members of the retirement system as of January 1, 1968 or July 1, 1968, shall have the shares credited to their account in the employee annuity savings fund and the state annuity accumulation fund of said employees' retirement system transferred to the member annuity savings fund and the state annuity accumulation fund of the retirement system respectively in accordance with the provisions of RSA 100-A:16. The employer of those members who so elect shall become an employer for purposes of the retirement system and thereafter all contributions on behalf of such members shall be made by such employer and member to the retirement system.
Source. 1967, 134:1, eff. July 1, 1967.