§ 490. Default; paid up deferred annuity
§ 490. Default; paid up deferred annuity The agreement of any employer to contribute on account of its employees shall be irrevocable, but should any employer for any reason become financially unable to make the contributions on account of its employees as provided in this subchapter, then such employer shall be deemed to be in […]
§ 491. Liability of retirement system
§ 491. Liability of retirement system Anything in this subchapter to the contrary notwithstanding, the Vermont State Retirement System shall not be liable for the payment of any pensions or other benefits on account of the employees or beneficiaries of any employer under this subchapter, for which reserves have not been previously created from funds […]
§ 482. Participation by local governments; election by employer
§ 482. Participation by local governments; election by employer (a) Any governing board of an employer which elected to have its eligible employees participate in the Vermont State Retirement System shall, by virtue of said election, have its eligible employees participate in the Vermont State Retirement System. Any members of the Vermont Employees’ Retirement System, […]
§ 483. Petition by employees; transfer of assets
§ 483. Petition by employees; transfer of assets (a) Should a majority of the members of any local retirement fund elect to become members of the Vermont State Retirement System, by a petition duly signed by such members, the participation of such members in the Vermont State Retirement System may be effected as provided in […]
§ 484. Election by employee; service credits
§ 484. Election by employee; service credits Membership in the Vermont State Retirement System shall be optional with employees who are in the service of the employer on the date when participation becomes effective pursuant to subsection 482(a) or subsection 483(a) of this title and any such employee shall become a member as of that […]
§ 485. Compulsory membership
§ 485. Compulsory membership Membership in the Vermont State Retirement System shall be compulsory for all employees entering the service of such employer after the date participation becomes effective, and shall be effective upon the date of hire. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2013, No. 22, § 7.)
§ 486. Duty of local officers
§ 486. Duty of local officers The chief fiscal officer of the employer, and heads of its departments, shall submit to the Retirement Board such information and shall cause to be performed with respect to the employees of such employer such duties as shall be prescribed by the Retirement Board in order to carry out […]
§ 487. Rates of contribution
§ 487. Rates of contribution Employees who become members of the Vermont State Retirement System under the provisions of this subchapter shall contribute at the same rate and in the same manner as if they were employees of the State of Vermont. The actuary of the System shall compute the contributions which would be payable […]
§ 488. Payment of contributions
§ 488. Payment of contributions The contributions computed under section 487 of this title together with a pro rata share of the cost of the administration of the Vermont State Retirement System based upon the payroll of the employees of the employer who are members shall be certified by the Retirement Board to the Chief […]
§ 489. Benefits
§ 489. Benefits Persons who become members of the Vermont State Retirement System under this subchapter and on behalf of whom contributions are paid as provided in this subchapter shall be entitled to benefits under the Vermont State Retirement System as though they were employees of the State of Vermont. These employees shall be considered […]