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The Vermont Statutes Online
Title
03
:
Executive
Chapter
016
:
VERMONT EMPLOYEES RETIREMENT SYSTEM
Subchapter
001
:
GENERALLY
§
459. Normal and early retirement
(a) Normal
retirement.
(1) Group A,
group D, and group F members. Any group A, group D, or group F 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 his or her separation from
service by filing an application in the manner outlined in subdivision (3) of
this subsection.
(2) Group C
members. Any group C member who is an officer or employee of the Department of
Public Safety assigned to police and law enforcement duties, including the
Commissioner of Public Safety appointed before July 1, 2000, and who has
reached his or her normal retirement date may retire on a normal retirement
allowance, on the first day of any month after he or she may have separated
from service, by filing an application in the manner outlined in subdivision
(3) of this subsection. Any group C member in service shall be retired on a
normal retirement allowance on the first day of the calendar month next
following attainment of age 55. Notwithstanding, it is provided that any such
member who is an official appointed for a term of years may remain in service
until the end of his or her term of office or any extension thereto, resulting
from reappointment.
(3) Where application
for a retirement allowance is required, the member shall apply in writing to
the Retirement Board not later than 90 days, or longer for cause shown, after
the date upon which the retirement allowance is to begin.
(4) [Repealed.]
(b) Normal
retirement allowance.
(1) Upon normal
retirement, a group A member shall receive a normal retirement allowance which
shall be equal to 50 percent of his or her average final compensation;
provided, however, that if the member has not completed 30 years of creditable
service at retirement, or, if earlier, the date of attainment of such age as
may be applicable under the provisions of subdivision (a)(4) of this section,
his or her allowance shall be multiplied by the ratio that the number of his or
her years of creditable service at retirement, or such earlier date, bears to
30.
(2) Upon normal
retirement, a group C member shall receive a normal retirement allowance which
shall be equal to 50 percent of his or her average final compensation;
provided, however, that if the member has not completed 20 years of creditable
service at retirement, or, if earlier, the date of attainment of such age as
may be applicable under the provisions of subdivision (a)(4) of this section,
the member's allowance shall be multiplied by the ratio that the number of his
or her years of creditable service at retirement, or such earlier date, bears
to 20.
(3)(A) Group D
members who are Justices of the Supreme Court, Superior judges, environmental
judges, and district judges; additional retirement allowance. Justices of the
Supreme Court, Superior judges, environmental judges, and district judges, upon
retirement under this section, shall receive an additional retirement allowance
according to years of service as a Supreme Court Justice, a Superior judge, an
environmental judge, or a district judge or any combination thereof as follows:
(i) After 12
years of service an additional retirement allowance of an amount which,
together with service retirement allowance, will make the total equal to two-fifths
of their salary at retirement.
(ii) For each
year of service in excess of 12 years an amount equal to 3 1/3 percent of their
salary at retirement shall be added to the retirement allowance as computed in
subsection (a) of this section. However, at no time shall the total retirement
allowance exceed their salary at retirement. Such additional retirement
allowance shall be treated as the normal retirement allowance for all purposes
of the retirement act.
(B) In order to
qualify for the benefits provided by this title each justice or judge shall
have the maximum employee contribution in accordance with the requirements of
the State Employees' Retirement System. These provisions shall apply to
surviving justices and judges retired before its enactment, but only from the
effective date of its enactment, and not retroactively.
(C) For the
purposes of this section, years of service as a municipal judge are to be
counted as years of service in determining the additional retirement allowance,
insofar as they represent years of membership service.
(4) Group D
members who are probate judges; additional retirement allowance. Probate
judges, having retired under this section, shall be entitled to an additional
retirement allowance according to their years in service as follows:
(A) Upon
completion of 12 years of service an amount which with service retirement
allowance will equal two-fifths of the salary at retirement.
(B) For each
additional year of service, an amount equal to three and one-third percent of
the salary at retirement shall be added to the retirement allowance as computed
in subsection (a) of this section. Such additional retirement allowance shall
be treated as the normal retirement allowance for all purposes of the
retirement act.
(5)(A) Until
January 1, 1995, upon normal retirement, a group F member shall receive a
normal retirement allowance which shall be equal to 1 1/4 percent of his or her
average final compensation times years of creditable service. On and after
January 1, 1995, upon normal retirement, a group F member shall receive a
normal retirement allowance equal to 1 1/4 percent of the member's average
final compensation times years of membership service prior to January 1, 1991
plus a pension which when added to an annuity shall be equal to 1 2/3 percent
of the member's average final compensation times years of membership service on
and after January 1, 1991. The maximum retirement allowance shall be 50 percent
of average final compensation.
(B) A group F
member first included in the membership of the system on or after July 1, 2008,
upon normal retirement, shall receive a normal retirement allowance equal to 1
2/3 percent of the member's average final compensation times years of
membership service. The maximum retirement allowance shall be 60 percent of
average final compensation.
(c) Early
retirement.
(1) Group A and
group D members. Any group A or group D member who has not reached his or her
normal retirement date but who has completed 30 years of creditable service or
who has attained age 55 and completed five years of such service, may retire on
an early retirement allowance.
(2) Group C
members. Any group C member who has not reached his or her normal retirement
date but who has attained age 50 and completed 20 years of creditable service
may retire on an early retirement allowance.
(3) Group F
members. Any group F member who has not attained age 62 but who has attained
age 55 and has completed five years, but less than 30 years, of creditable
service may retire on an early retirement allowance.
(d) Early
retirement allowance.
(1) Upon early
retirement, a group A member, except facility employees in the Department of
Corrections, shall receive an early retirement allowance which shall be the
actuarial equivalent of the normal retirement allowance computed under
subsection (b) of this section, based on the average final compensation and
years of creditable service at the date of early retirement. However, if a
group A member has completed 30 years of creditable service but has not reached
normal retirement date, the early retirement allowance shall be equal to the
normal retirement allowance computed under subsection (b) of this section.
Group A members who have 20 years of service as facility employees in the
Department of Corrections shall receive an early retirement allowance which
shall be equal to the normal retirement allowance at age 55 without reduction.
(2)(A) Upon
early retirement, a group F member, except facility employees of the Department
of Corrections, Department of Corrections employees who provide direct security
and treatment services to offenders under supervision in the community, and
Woodside facility employees, shall receive an early retirement allowance which
shall be equal to the normal retirement allowance reduced by one-half of one
percent for each month the member is under age 62 at the time of early
retirement. Group F members who have 20 years of service as facility employees
of the Department of Corrections, as Department of Corrections employees who provide
direct security and treatment services to offenders under supervision in the
community, or as Woodside facility employees, or as Vermont State Hospital
employees, or as employees of its successor in interest, who provide direct
patient care shall receive an early retirement allowance which shall be equal
to the normal retirement allowance at age 55 without reduction; provided the 20
years of service occurred in one or more of the following capacities as an
employee of the Department of Corrections, Woodside facility, or the Vermont
State Hospital, or its successor in interest: facility employee, community
service center employee, or court and reparative service unit employee.
(B) Upon early
retirement, a group F member first included in the membership of the system on
or after July 1, 2008, except facility employees of the Department of
Corrections and Department of Corrections employees who provide direct security
and treatment services to offenders under supervision in the community, and
Woodside facility employees, shall receive an early retirement allowance which
shall be equal to the normal retirement allowance reduced by:
(i) one-eighth
of one percent for each month the member is under age 65, provided the member
has accrued 35 years of service at the time of early retirement;
(ii) one-quarter
of one percent for each month the member is under age 65, provided the member
has accrued 30 years of service but less than 35 years of service at the time
of early retirement;
(iii) one-third
of one percent for each month the member is under age 65, provided the member
has accrued 25 years of service but less than 30 years of service at the time
of early retirement;
(iv)
five-twelfths of one percent for each month the member is under age 65,
provided the member has accrued 20 years of service but less than 25 years of
service at the time of early retirement;
(v) five-ninths
of one percent for each month the member is under age 65, provided the member
has accrued less than 20 years of service at the time of early retirement.
(3) Upon early
retirement, a group D member shall receive an early retirement allowance which
shall be equal to the normal retirement allowance reduced by one-quarter of one
percent for each month the member is under age 62 at the time of early
retirement.
(4)
Notwithstanding subdivisions (1) and (2) of this subsection, an employee of the
Department of Fish and Wildlife assigned to law enforcement duties, an employee
of the Military Department assigned to airport firefighting duties, or a group
C member shall, upon early retirement, receive an early retirement allowance
which shall be equal to his or her normal retirement allowance computed under
subsection (b) of this section.
(5)
Notwithstanding subdivisions (1) and (2) of this subsection, a State's
Attorney, the Defender General, or sheriff who has completed 20 years of
creditable service, of which 15 years has been as a State's Attorney, the
Defender General, or sheriff, shall receive an early retirement allowance equal
to the normal retirement allowance, at age 55, without reductions.
(e) Any member
who retires before age 62 may, at any time prior to the date the first payment
on account of his or her retirement allowance becomes normally due, elect to
convert the retirement allowance otherwise payable after retirement into an
increased retirement allowance that is its actuarial equivalent and is of such
amount that, with his or her Social Security payment at age 62, the member will
receive, so far as possible, the same amount each year before and after such
Social Security payment commences.
(f) Beginning
July 1, 1989, the normal retirement allowance for group A members shall be not
less than the larger of $3,000.00 a year or 50 percent of his or her average
final compensation for any member or beneficiary who has completed 30 years or
more of creditable service, nor less than a proportionate amount thereof for
any member or beneficiary who has completed less than 30 years of creditable
service. Beginning March 1, 1998, the service retirement allowance shall be not
less than the larger of $4,200.00 a year or 50 percent of the member's average
final compensation for any member or beneficiary who has completed 30 years or
more of creditable service, nor less than a proportionate amount thereof for
any member or beneficiary who has completed at least five years, but less than
30 years, of creditable service. Beginning September 1, 2006, the service
retirement allowance shall be not less than the larger of $6,600.00 per year or
50 percent of the member's average final compensation for any member or
beneficiary who has completed 30 years or more of creditable service, nor less
than a proportionate amount thereof for any member or beneficiary who has
completed at least five years, but less than 30 years, of creditable service.
Beginning September 1, 2011, and on September 1 of every fifth year thereafter,
the minimum service retirement allowance shall be increased by $1,000.00.
(Added 1971, No. 231 (Adj. Sess.), § 4; amended 1975, No. 196 (Adj. Sess.), §
16, eff. July 1, 1976, § 18, eff. March 27, 1976; 1977, No. 80, § 1; 1977, No.
153 (Adj. Sess.), §§ 4, 5, eff. March 28, 1978; 1981, No. 41, §§ 6-9; 1985, No.
156 (Adj. Sess.); 1987, No. 183 (Adj. Sess.), § 26a, eff. Jan. 1, 1989; 1989,
No. 78, §§ 4, 6, 11; 1989, No. 169 (Adj. Sess.), §§ 13, 14; 1989, No. 277 (Adj.
Sess.), §§ 17i-17 l, eff. Jan. 1, 1991; 1991, No. 64, § 1, eff. June 18, 1991;
1991, No. 189 (Adj. Sess.), § 13, eff. May 19, 1992; 1997, No. 68 (Adj. Sess.),
§ 2, eff. March 1, 1998; 1997, No. 89 (Adj. Sess.), § 5; 1997, No. 152 (Adj.
Sess.), § 8; 1999, No. 53, §§ 1, 2; 1999, No. 158 (Adj. Sess.), § 21; 2001, No.
57, § 2; 2001, No. 116 (Adj. Sess.), § 5a, eff. May 28, 2002; 2003, No. 115
(Adj. Sess.), § 2; 2005, No. 163 (Adj. Sess.), § 1; 2007, No. 47, § 14; 2007,
No. 116 (Adj. Sess.), § 2; 2007, No. 146 (Adj. Sess.), § 1; 2011, No. 79 (Adj.
Sess.), § 12, eff. April 4, 2012; 2013, No. 22, § 2; 2013, No. 49, § 1; 2015,
No. 58, § E.203.3.)
