Act No. 74

(H.764)

Education; teachers; retirement

This act changes the state teachers' retirement system of Vermont as follows: (1) adjusts the duration of service needed before a teacher qualifies for a normal retirement allowance; (2) increases the employees' share of the costs of the system; (3) increases the percentage of "average final compensation" teachers may be paid in retirement; (4) makes available to teachers, upon retirement and in exchange for increased length of service, a health benefit component for their spouses; (5) reduces the state's actuarially determined annual required contribution to the system; (6) strengthens the annual obligation of the state to fund the system to the level actuarially determined to be necessary; and (7) tightens standards for determining average final compensation.

Date Signed by the Governor:  April 7, 2010

Effective Date:  July 1, 2010