§ 5060. Optional benefits
§ 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
§ 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
§ 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
§ 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 […]
§ 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 […]
§ 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 […]
§ 5007. Penalties
§ 5007. Penalties Municipalities may prescribe by ordinance penalties for any violation of any ordinance or regulation adopted under this chapter by a fine not to exceed $200.00 or by imprisonment for not more than 30 days, or both, for each violation thereof. Each day’s failure to comply with any such provision shall constitute a […]