Section Ret 401.04 - Standards of Conduct(a) No trustee, member of the investment committee, or staff employee shall:(1) Use confidential information regarding the investments of the NHRS in a manner not exclusively in the interest of the NHRS and its members and beneficiaries;(2) Buy or sell a security or other investment if the trustee, member of the investment committee, or staff employee knows that the NHRS is, or anticipates, buying, selling, or trading such security or other investment; or(3) Accept offers to buy, sell, or trade in any security or other investment that the NHRS holds or intends to purchase on terms more favorable than those offered to similarly situated investors unrelated to the NHRS.(b) No trustee, member of the investment committee, or staff employee shall:(1) Represent any individual or outside service provider in any action or proceeding before the NHRS or any individual or outside service provider in any action or proceeding involving an interest of the NHRS except as a duly authorized representative or agent of the NHRS; or(2) For 12 months after such trustee, member of the investment committee, or staff employee has completed his or her service with the NHRS, represent any individual or outside service provider, in any fashion, before any public agency, with respect to a matter in which the trustee, member of the investment committee, or staff employee personally participated while serving with the NHRS.(c) No trustee, member of the investment committee, or staff employee shall:(1) Use his or her position or employment with the NHRS, or use NHRS facilities, equipment or supplies, for any reason other than to advance the interests of the NHRS, its members and beneficiaries;(2) Solicit, accept or agree to accept for themselves or for conferment to others any direct or indirect benefit, gratuity or emolument in connection with a decision, opinion, recommendation, transaction, vote or other action by a trustee, member of the investment committee, staff employee, or other agent or representative of the NHRS;(3) Accept an extension of credit from an outside service provider, except and unless: a.Such outside service provider extends credit to the general public in the ordinary course of its business; andb.The terms of the extension of credit are no better than the terms normally offered to similarly situated borrowers unrelated to the NHRS;(4) Solicit or accept honoraria unless the honorarium is paid in recognition of a demonstrable business, professional, or esthetic interest of the trustee, member of the investment committee, or staff employee that exists apart from his or her role with respect to the NHRS and the honorarium is not paid by an outside service provider or affiliate thereof;(5) Use the name of the NHRS or the NHRS's logo in a manner that suggests impropriety, favoritism, or bias by the board of trustees, the investment committee, or the NHRS;(6) Exercise his or her discretionary authority to appoint, hire, or advance NHRS employees or outside service providers, whether such authority is granted by statute or delegated by the board of trustees, the investment committee, or by the executive director of the NHRS, in favor of an affiliate, unless fully disclosed to and approved by the board of trustees or the investment committee; or(7) In his or her personal capacity, enter into employment with, representation of, or an agreement with any person who is, or has been within the preceding 12 month period, an outside service provider, staff employee, member of the investment committee, or trustee of the NHRS, unless fully disclosed to the board of trustees or the investment committee.(d) No trustee, member of the investment committee, or staff employee shall accept gifts, entertainment or other gratuities from current or potential outside service providers, or their agents, representatives, or solicitors that, when aggregating all gifts, entertainment or other gratuities from all current or potential outside service providers, have a value of more than $250 per calendar year. Gifts, entertainment, and gratuities received by affiliates of a trustee, member of the investment committee, or staff employee shall be deemed as being received by the trustee, member of the investment committee, or staff employee himself or herself. Meals or entertainment provided to a trustee, member of the investment committee, or staff employee at a group activity open to all attendees of a conference, seminar or training shall not count toward the aggregate $250 limit, provided such meals or entertainment were provided to all, or substantially all, of the attendees.(e) The foregoing prohibition in Ret 401.04(d) shall not apply to any gifts or entertainment received by a trustee, member of the investment committee, or staff employee from a relative of that trustee, member of the investment committee, or staff employee if: (1) Such gifts and entertainment did not arise from or in connection with the position of the trustees, member of the investment committee, or staff employee with respect to the NHRS; and(2) The nature and extent of the gifts and entertainment are disclosed to the board of trustees.(f) No trustee, member of the investment committee, or staff employee shall accept the benefit of third party payments for travel or lodging by current or potential outside service providers.(g) No trustee, member of the investment committee, or staff employee shall disclose confidential information except to the extent:(1) Required by law, including disclosures made of governmental records pursuant to the requirements of RSA 91-A;(2) Necessary or advisable for the provision of services to the NHRS; or(3) Permitted by the board of trustees or the investment committee.N.H. Admin. Code § Ret 401.04
#7478, eff 4-10-01; ss by #9415, INTERIM, eff 4-5-09, EXPIRED: 10-2-09
New. #9595, eff 11-11-09
Amended by Volume XXXVIII Number 19, Filed May 10, 2018, Proposed by #12512, Effective 4/11/2018, Expires 10/8/2028.Amended by Volume XXXIX Number 06, Filed February 7, 2019, Proposed by #12708, Effective 1/9/2019, Expires 1/9/2029.