§ 5070. Defined contribution retirement plan
§ 5070. Defined contribution retirement plan (a) The Board may approve a defined contribution retirement plan for one or more groups of members. The plan shall qualify as a defined contribution plan under the U.S. Internal Revenue Code, as amended. Participation in a defined contribution plan offered under this section shall be in lieu of […]
§ 5062. Retirement Board; Medical Board; actuary; rates of contribution; safekeeping of securities
§ 5062. Retirement Board; Medical Board; actuary; rates of contribution; safekeeping of securities (a)(1) The general administration and responsibility for the proper operation of the Retirement System and for making effective the provisions of this chapter are hereby vested in a board of five trustees, known as the Retirement Board. The Board shall consist of: […]
§ 5063. Investments; interest rate; disbursements
§ 5063. Investments; interest rate; disbursements (a) The members of the Vermont Pension Investment Commission established in 3 V.S.A. chapter 17 shall be the trustees of the Fund created by this chapter, and with respect to them may invest and reinvest the assets of the Fund, and hold, purchase, sell, assign, transfer, and dispose of […]
§ 5063a. Compliance with federal law
§ 5063a. Compliance with federal law (a) Intent. The General Assembly intends that the Retirement System and any trusts or custodial accounts established to hold the assets of the Retirement System in accordance with subsection (b) of this section be maintained, in form and operation, so as to maintain the status of the Retirement System […]
§ 5064. Funds
§ 5064. Funds (a) Fund. All of the assets of the Retirement System shall be credited to the Vermont Municipal Retirement Fund. (b) Member savings. Contributions deducted from the compensation of members together with any member contributions transferred from a predecessor system shall be accumulated in the Fund and separately recorded for each member. Contributions […]
§ 5065. Errors
§ 5065. Errors Should any change or error in the records result in any member or beneficiary receiving from the Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Retirement Board shall have the power to correct such error, and to adjust as […]
§ 5066. Exemption of member’s interest; assignment
§ 5066. Exemption of member’s interest; assignment That portion of the salary or wages of a member deducted or to be deducted under this chapter, the right of a member to an annuity, pension, or retirement allowance hereunder, and all the member’s rights in the assets of the Retirement System, shall be exempt from taxation, […]
§ 5066a. Alternate payee; domestic relations orders
§ 5066a. Alternate payee; domestic relations orders (a) As used in this section: (1) “Alternate payee” means any individual who is recognized by a domestic relations order as having a right to receive all, or a portion of, another individual’s payment rights in the System. (2) “Domestic relations order” means a judgment, decree, or order […]
§ 5067. Postretirement adjustments to retirement allowances
§ 5067. Postretirement adjustments to retirement allowances (a) For members, as of June 30 in each year, commencing June 30, 1987, a determination shall be made of the increase, to the nearest one-tenth of a percent of the Consumer Price Index for the preceding fiscal year. The retirement allowance of each beneficiary in receipt of […]
§ 5068. Election
§ 5068. Election (a) Subject to the provisions of subsections (b) and (c) of this section, all employees shall be members of Group A, unless an election to become a member of Group B, C, or D is made pursuant to this section or, in the case of Group B or C, unless a collective […]