§ 5061. Death benefit; post retirement
§ 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 […]
§ 5052. Name and date of establishment
§ 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
§ 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
§ 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
§ 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
§ 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 […]
§ 5051. Definitions
§ 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 […]