June 5, 2009. In a stunning rebuke to the Legislature's belief that they can run the Retirement System, the Superior Court has confirmed again that there is in place Constitutional constraints on legislative power regarding public employees and their retirement system. In one of the first court rulings interpreting Article 36-a of the New Hampshire Constitution, Superior Court Judge Diane Nicolosi has ruled that the legislature overstepped its bounds by legislating how retirement funds should be invested. This case may well have major implications on challenges now being considered by the New Hampshire Retirement Security Coalition relative to changes adopted by HB1645 and the current tinkerings under consideration this term. For example, can the legislature create (and the Governor appoint members to) an Investment Committee?
Read the case here and stay tuned!
From the http://www.molanmilner.com/ website