AI-assisted research summary: The board sets the assessment rate for permanent policemen, and payroll officers must withhold and pay the monthly assessment from each covered officer’s salary.
The retirement and other compensation provided for by this chapter shall be paid out of a retirement fund, which shall consist of all moneys collected from assessments or appropriations or gifts provided for herein. At the beginning of each fiscal year the board shall fix the applicable rate of assessment upon the annual salaries of all permanent policemen who accept the provisions hereof. Unless and until changed by the board, such rate of assessment shall be 6-85/100 percent of each policeman's annual salary, except, that in the case of any policeman employed by a city having a population of more than 34,000 inhabitants and until the governing body of said city shall elect to discontinue its present policy of paying a supplementary retirement benefit to any permanent policeman employed by the city who may thereafter be granted a retirement benefit under the provisions of the New Hampshire Policemen's Retirement System, no assessment shall be made upon that part of his annual salary in excess of $2,400. The board shall, in such manner as it may prescribe, give notice of the rate and amount of assessment of each permanent policeman's salary to the treasurer or other disbursing officer of the state, city, town, village or precinct where such permanent policeman is employed. All assessments under this section shall be payable in equal monthly installments on the last business day of each calendar month. It shall be the duty of the treasurer or other disbursing officer of the state, city, town, village or precinct, employing permanent policemen, who accept the provisions hereof, to withhold from the monthly salary of each permanent policeman and to pay the board an amount equal to the monthly assessment against such permanent policeman's salary, as before provided. All permanent policemen who shall accept the provisions hereof by such acceptance agree that the treasurer or other disbursing officer of the state, city, town, village or precinct which employs them shall have the power to withhold from their monthly salaries the amounts aforesaid. Anything in this section to the contrary notwithstanding, any policeman who is over 35 years of age at the time he accepts the provisions of this chapter shall be assessed by the board on the part of his annual salary which would have been assessable had he been under age 35 on the date of such acceptance, at the increased rate determined in accordance with the following table: Age at Accepting the Provisions Percentage Rate of the Chapter of Assessment 36 6.90% 37 6.95 38 7.00 39 7.05 40 7.10 41 7.16 42 7.22 43 7.28 44 7.34 45 7.41 46 7.47 47 7.53 48 7.59 49 7.65 50 7.72 51 7.78 52 7.85 53 7.92 54 7.99 55 8.06 56 8.13 57 8.20 58 8.28 59 and over 8.36 Source: Source. 1941, 166:7. RL 221:7. 1953, 112:1. RSA 103:7. 1957, 50:2; 189:1. 1961, 191:1. 1963, 238:2, eff. July 1, 1963.