§ 1931. Definitions As used in this chapter: (1) “Accumulated contributions” shall mean the sum of all the amounts deducted from the compensation of a member and credited to his or her individual account in the Pension Fund, together with regular interest thereon, as provided in subsection 1944(b) of this title. (2) “Actuarial equivalent” shall […]
§ 1932. Date of establishment; power and privileges; name A retirement system is hereby established and placed under the management of the Board of Trustees of the System for the purpose of providing retirement allowances and other benefits under the provisions of this chapter for teachers of the State of Vermont. The System shall begin […]
§ 1933. Members generally (a) Membership in the System shall be a condition of employment for all teachers. A person shall not join the System as a Group A member. A person shall not join the system as a Group B member after June 30, 1990. A service shall not be included in the creditable […]
§ 1935. Teachers in certain public or independent schools (a) The Board of Trustees may designate certain public or independent schools, which are located within the State, and supported wholly or in part by the State but which are not under the control of the State Board of Education, as employers of teachers within the […]
§ 1936. Creditable service; military service (a) Each member shall receive membership service credit for all service rendered while a member of the System since he or she became a member, or since he or she last became a member in the event of a break in his or her membership. (b) [Repealed.] (c) Creditable […]
§ 1937. Service retirement (a) Upon written application to the Board not later than 90 days, or longer for good cause shown, after the date upon which the retirement allowance is to begin: (1) any Group A member may retire on a service retirement allowance on the first day of the calendar month next following […]
§ 1938. Disability retirement (a) Upon notice not later than 90 days subsequent to the date the member may have separated from service, any member who has had five or more years of creditable service and has served as a teacher in the State during the five years immediately preceding the date of such separation […]
§ 1938a. Benefit denial; evidentiary hearing (a) An applicant for disability retirement benefits under section 1938 of this title may file a request for an evidentiary hearing with the Board of Trustees if the application for benefits is denied. (b) The hearing shall be conducted by a hearing officer designated by the Board and in […]
§ 1939. Restoration to service (a) In any fiscal year in which a beneficiary resumes service, as that term is defined in section 1931 of this title, he or she shall again become a member of the System, shall contribute at the rate established for members of his or her group and shall not be […]
§ 1940. Termination of service; death; refund; pension (a)(1) Upon the withdrawal of a member from service prior to retirement, the amount of the member’s accumulated contributions, less not more than one-third of the regular interest credited thereon as determined by the Board, will be returnable to the member. In lieu of the return of […]
§ 1941. Optional benefits (a)(1) On or before the 15th day of the calendar month in which the first payment on account of a retirement allowance becomes normally due, but not later than the date on which the payment becomes normally due, each member shall elect to receive the member’s retirement allowance in accordance with […]
§ 1942. Board of Trustees; Medical Board; actuary; rate of contribution; safekeeping of securities (a) The general administration and the responsibility for the proper operation of the System and for making effective the provisions of this chapter are hereby vested in the Board of Trustees of the System, which shall be organized immediately after three […]
§ 1943. 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 Pension Fund created by this chapter, and with respect to them may invest and reinvest the assets of the Pension Fund, and hold, purchase, sell, assign, transfer, and […]
§ 1943a. 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 […]
§ 1944. Vermont Teachersâ Retirement Fund (a) Pension Fund. All of the assets of the System shall be credited to the Vermont Teachers’ Retirement Fund. (b) Member contributions. (1) Contributions deducted from the compensation of members shall be accumulated in the Pension Fund and separately recorded for each member. (2) The proper authority or officer […]
§ 1944a. Periodic actuarial reports The Board shall cause to be made an actuarial reevaluation of the rate of member contributions deducted from earnable compensation pursuant to subdivision 1944(b)(2) of this title, on a periodic basis at least every three years, to determine whether the amount deducted is necessary to make the contributions picked up […]
§ 1944b. Retired Teachers’ Health and Medical Benefits Fund (a) There is established the Retired Teachers’ Health and Medical Benefits Fund (Benefits Fund) to pay retiree postemployment benefits when due in accordance with the terms established by the Board of Trustees of the State Teachers’ Retirement System of Vermont pursuant to subsection 1942(p) and section […]
§ 1944c. Employer charges for federal grants or reimbursements (a) Notwithstanding any provision of law to the contrary, effective on July 1, 2015, the employer retirement costs and administrative operating expenses related to the retirement plans applicable to those teachers whose funding is provided from federal grants or through federal reimbursement shall be paid by […]
§ 1944d. Employer annual charge for teacher health care (a) Beginning on July 1, 2018, the employer of teachers who become members of the State Teachers’ Retirement System of Vermont on or after July 1, 2015 shall pay an annual assessment of $1,275.00 for each such teacher to the Benefits Fund. (b) Beginning on July […]
§ 1944e. Retired teachers health and medical benefits (a) Payment of a portion of the cost of health and medical benefits provided by subsection 1942(p) of this title for retired members and their dependents shall be made from the Benefits Fund. The Board shall determine the total costs of the applicable standard plan for a […]
