§ 5069. Insurance
§ 5069. Insurance (a) The Board may enter into insurance arrangements to provide health and medical benefits for retired members and their dependents. The Board may enter into insurance arrangements to provide dental coverage for retired members and their dependents, provided the municipalities or the System has no legal obligation to pay any portion 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 […]
§ 5055. Normal and early retirement
§ 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
§ 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
§ 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
§ 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
§ 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
§ 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 […]