§ 5051. Definitions As used in this chapter: (1) “Accumulated contributions” means the sum of all the amounts deducted for Municipal Employees’ Retirement System purposes from the compensation of a member with interest thereon, as provided in subsection 5063(b) of this title. (2) “Actuarial equivalent” means a benefit of equal value under actuarial assumptions last […]
§ 5052. Name and date of establishment The date of establishment of the Retirement System shall be July 1, 1975. The System shall be known as the “Vermont Municipal Employees’ Retirement System”, and by such name all of its business shall be transacted, all of its assets invested, and all of its cash and securities […]
§ 5053. Members (a) An employee of an employer who joins the Vermont Municipal Employees’ System may become a member of the System on the effective date of participation of said employer or at a later date if he or she has completed three or more years of continuous service as an employee. If an […]
§ 5053a. Employees of a supervisory union (a) For purposes of this section, the term “transferred employee” means an employee under this chapter who transitioned from employment solely by a school district to employment, wholly or in part, by a supervisory union pursuant to 16 V.S.A. § 261a(a)(6) or (8)(E) as amended on June 3, […]
§ 5054. Creditable service (a) An employee who becomes a member on July 1, 1975 shall receive credit for all prior service as an employee since the employee’s most recent date of hire with his or her present employer, up to a maximum of 20 years. Any other person who becomes a member shall receive […]
§ 5054a. Elective credits (a) Any member may elect to have included in the member’s creditable service, years of service as an employee of another municipality, as a State employee, or as a teacher in a public or private school, as defined by the Board, and years of service in the defined contribution plan authorized […]
§ 5055. Normal and early retirement (a) Normal retirement. Any member who has reached his or her normal retirement date may retire on a normal retirement allowance on the first day of any month after separation from service by filing an application in the manner outlined in subdivision (1) of this subsection. Any member in […]
§ 5056. Disability retirement (a) Upon application of a member not more than 90 days before, or later than 90 days, or longer for cause shown, the date a member separates from service, any member who has not reached his or her normal retirement date and has had five or more years of creditable service, […]
§ 5056a. Benefit denial; evidentiary hearing (a) An applicant for disability retirement benefits under section 5056 of this title may file a request for an evidentiary hearing with the Retirement Board if the application for benefits is denied. (b) The hearing shall be an appeal de novo and shall be conducted by a hearing officer […]
§ 5057. Reexamination of disability beneficiary (a) Once each year, the Retirement Board or the Medical Board may require any disability beneficiary who has not reached his or her normal retirement date to undergo a medical examination, by a physician or physicians designated by the Medical Board, the examination to be made at the place […]
§ 5058. Reinstatement Should a disability beneficiary be restored to service and should his or her annual earnable compensation then or at any time thereafter be equal to or greater than his or her average final compensation at retirement, or should any other beneficiary be restored to service, his or her retirement allowance shall cease […]
§ 5059. Termination of service; preretirement death benefit (a) Upon the withdrawal of a member from service prior to retirement for reasons other than death, the amount of the member’s accumulated contributions with interest will be returnable to the member. In lieu of a return of contributions, any member who has completed five years of […]
§ 5060. Optional benefits (a) Until the first payment on account of a retirement allowance becomes normally due, any member may elect to convert the retirement allowance otherwise payable to the member after retirement into a retirement allowance that is its actuarial equivalent, in accordance with one of the optional forms described below. Option 1. […]
§ 5061. Death benefit; post retirement The beneficiary of a member who dies after retirement shall receive at the member’s death, a lump sum equal in amount to the difference between the member’s accumulated contributions at the time of retirement and the sum of the annuity payments actually made to the member during his or […]
§ 5061a. Accidental and occupationally-related death benefit If the Retirement Board shall find on the basis of such evidence as may come before it that a Group D member in service died prior to retirement under the System as the natural and proximate result of an accident occurring at a definite time and place during […]
§ 5061b. Death benefit after retirement—Group D If a Group D member in receipt of a retirement allowance dies, the member’s dependent spouse shall receive, until his or her death, a retirement allowance which shall be equal to 70 percent of the retirement allowance to which the member was then entitled, without optional modification, irrespective […]
§ 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 (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 (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 (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 […]
