Q: Who is the Regulatory Authority for the NH PDIP?
A: The Regulatory Authority as outlined in RSA 383:22-24 is the New Hampshire Bank Commissioner. Oversight of the NHPDIP is done through the Bank Commissioner along with the Advisory Committee. Cutwater Investor Services Corp. (CISC), a subsidiary of Cutwater Asset Management, is the Program Adminstrator for the NHPDIP. Bank of America is the custodial bank.
Q: How are the funds in the New Hampshire PDIP invested?
A: The funds in the NHPDIP are invested according to the investment criteria as outlined within Exhibit E of the Cooperation and Mangement Agreement. Primarily, the investments consist of the following:
Q: What are the investment objectives for the New Hampshire PDIP?
A: There are three investment objectives for the New Hampshire PDIP:
Q: Is New Hampshire PDIP rated?
A: New Hampshire PDIP is rated 'AAAm' by Standard and Poor's Rating's Services, the highest rating assigned to principal stability government investment pools. This rating reflects the conservative nature of the pool's investments as well as the excellent credit quality of the program. Standard and Poor's monitors the pool on a weekly basis. See the current reports in the Document Center for more details.
Establishing a New Hampshire PDIP Account
Q: Who is eligible to use the New Hampshire PDIP?
A: Participation in the NHPDIP is available to any public entity in New Hampshire, including but not limited to towns, cities, counties, SAUs, school districts, trustee of trust funds, agencies, authorities, commissions, and the State.
Q: How can an eligible entity establish an account?
A: To become a Participant in the New Hampshire PDIP, simply complete the sign-up forms located in the Document Center and mail the original documentation to:
Jo Ann Klatskin
Regional Director, NHPDIP
5 Country View Drive
Raymond, NH 03077
(Be sure to keep a copy of all forms for your files as well)
Q: What is the minimum requirement for investing in the New Hampshire PDIP?
A: There is no minimum investment amount for the New Hampshire PDIP.
Q: What is a sub-account and how many can be established?
A: A sub-account allows you to have funds for various purposes at the NHPDIP broken down by purpose so the funds are never co-mingled. This provides an easy way to keep track of funds whilst having just one statement to reconcile. There is no maximum sub-account limitation.
Q: What fees are charged by the New Hampshire PDIP?
A: Cutwater Asset Management, the Program Administrator, is paid a monthly management fee of 20bp (or .20%). This fee is taken from the gross return on the portfolio. The NHPDIP does not charge any other fees, such as transaction fees.
Q: What is Client Connection?
A: Client Connection is a secure, internet based transaction system that allows New Hampshire PDIP Participants to have access to their accounts 24/7, 365 days a year. Participants can make contributions and withdrawals, review transaction histories, access rate information (current and historical), plus view detailed account summaries and interest payment summaries.
Q: How does a Participant access Client Connection?
A: Simply call Client Services at (800) 395-5505 to obtain a Personal Identification Number (PIN) and instruction on using Client Connection. PIN numbers are either full-access or read-only. A signer on the account, unless instructed otherwise, would receive a full-access PIN that would allow the signer to view the account as well as move funds. A read-only PIN allows the user viewing access only.
Q: When is the daily cut-off for an investment in the New Hampshire PDIP?
A: Participant investments may be made at any time during the business day, with interest posted on such investment for that day, subject to notification of Client Services by 12 Noon, Eastern time, by Client Connection, fax or phone, that an investment will be made.
Q: When is the daily cut-off for a disbursement from the New Hampshire PDIP?
A: Disbursement requests received by 12 Noon, Eastern time, will be processed and paid the same day.
Q: What happens if I miss the 12 Noon cut-off time?
A: Transaction requests received after 12 Noon, Eastern time, will be posted the next business day.
Q: What is ACH and how does it differ from wire transfers?
A: Both ACH and wire transfers are electronic movements of funds. ACH transactions are easy and generally more cost-effective than wire transfers. When sending funds to or from the NHPDIP via ACH, Client Services initiates the ACH, thus eliminating the need for Participants to contact their bank. Also, usually financial institutions charge less for ACH transactions than they do wire transfers. The NHPDIP does not charge any transaction fees for either ACH or wire transfer requests, but Participants should check with their financial institution to find out what fees they charge for ACH and wire transfers. One other difference between ACHs and wires is that an ACH is a next-day transaction, while wires are typically same-day.