Provision of legal services for Tax, Fiduciary and Legislative matters.
NEW HAMPSHIRE RETIREMENT SYSTEM REQUEST FOR PROPOSALS FOR LEGAL SERVICES
This Request for Proposals (“RFP”) invites the submission of offers to the New Hampshire Retirement System (“NHRS") for the provision of legal services for Tax, Fiduciary and Legislative matters.
A. LEGAL SERVICES SOUGHT
- Background.
The New Hampshire Retirement System (“NHRS”) is a contributory governmental defined benefit plan intended to be qualified under section 401(a) of the Internal Revenue Code (Code) and funded through a trust which is exempt from tax under Code Section 501(a). Assets under management were approximately $12.2 billion as of June 30, 2024. NHRS has approximately 48,000 active members including firefighters, police officers, teachers, and state and local government employees, and approximately 40,000 individuals currently receive a monthly benefit from NHRS. NHRS provides benefits to its eligible members and their beneficiaries upon retirement, disability or death. Separate benefit structures apply to Group I members (employees and teachers) and Group II members (police officers and firefighters). Benefits are based on the members’ average final compensation and years of creditable service. In addition, NHRS administers a Code Section 401(h) subtrust that provides other post-employment medical benefits consisting of a premium subsidy for retiree health care plans sponsored by a retiree’s former employer.
NHRS is governed by the New Hampshire Constitution, Part I, Article 36-a, New Hampshire RSA 100-A, and the administrative rules and policies adopted by the Board, and is a qualified plan subject to the Internal Revenue Code, Section 401,
et. seq.. The plan is administered by the NHRS Board of Trustees (“Board”) pursuant to RSA 100-A;14 and consists of 13 members including the State Treasurer as an ex-officio member, four public non-members, four employer representatives of employees, teachers, police, and fire, and four employee representatives of employees, teachers, police, and fire. Board members are nominated by the Governor and appointed by the Executive Council.
The investment of plan assets is governed by RSA 100-A:15. The Board of Trustees adopts the investment policy and selects the investment consultant. Related investment matters are governed by a five-member Independent Investment Committee pursuant to RSA 100-A:14-a and A:15.
The Executive Director oversees administrative functions which are carried out by the administrative staff of approximately 75 employees.
II. General Requirements.
The Board’s activities require legal support as necessary and appropriate. It is expected that outside counsel will advise the Board on legal matters and represent the Board before
third parties. The nature and extent of legal services needed by the Board cannot be predetermined with reasonable precision. Consequently the Board will enter into letters of engagement with one or more legal entities for the provision of legal services in each of the areas described in Section A.III., below. Legal entities may provide services in one or both areas.
III. Statement of Work.
The specific areas in which the Board anticipates needing legal support are:
- Fiduciary Counsel: Provision of legal advice on matters such as:
- Fiduciary duties;
- Ethics and conflicts of interests; and
- Investment policies and procedures.
- Tax and Benefits Administration and Legislative Counsel: Provision of legal advice on plan administration issues such as:
- Tax qualification issues;
- Taxation of distributions;
- Compliance with IRS reporting requirements;
- Entitlement to and calculation of benefits;
- Qualified Domestic Relations Orders; and
- Drafting, reviewing and interpreting legislation
Under the direction of NHRS Executive Director or designee, the legal areas described above require the successful legal entity to, among other things:
- Provide oral and written legal advice to the Board;
- Advise the Board on potential risks and liability;
- Attend Board meetings and make or review presentations to the Board;
- Represent the Board or assist in representing the Board before third parties, including other governmental entities, in matters not involving litigation;
- Represent the Board or assist in representing the Board in litigation before administrative and judicial tribunals;
- Draft or review Board materials, including policies and procedures;
- Draft or review legislative and regulatory materials;
- Provide the Board with notice of significant changes in the law;
- Provide opinions on behalf of the Board to auditors and other oversight or investigative entities; and
- Conduct training for the Board and staff, as appropriate.
