The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
EMPLOYEES OF POLITICAL SUBDIVISIONS
(Cite as: 3 V.S.A. § 483)
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§ 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 those members,
the participation of those members in the Vermont State Retirement System may be effected
as provided in section 482 of this title as though such local retirement fund were not in operation and the provisions of
this section shall then apply, except that the existing pensioners or annuitants of
the local retirement fund who were being paid benefits on the date that participation
in the Vermont State Retirement System becomes effective shall be continued and paid
at their existing rates by the Vermont State Retirement System and the liability on
this account shall be included in the computation of the accrued liability contribution
rate as provided by section 487 of this title. Any cash and securities to the credit of the local retirement fund shall be transferred
to the Vermont State Retirement System as of the date participation begins. The trustees
or other administrative head of the local retirement fund as of the date participation
becomes effective shall certify the proportion, if any, of the assets of the local
retirement fund that represents the accumulated contributions of the members, and
the relative shares of the members as of that date. Shares shall be credited to the
respective account of such members in the Fund of the Vermont State Retirement System
as though contributed under the provisions of said System. The balance of the assets
transferred to the Vermont State Retirement System shall be offset against the accrued
liability before determining the special accrued liability contribution to be paid
by the employer as provided by section 487 of this title. The operation of the local retirement fund shall be discontinued as of the date
participation becomes effective.
(b) Any members of a local retirement fund who, pursuant to the provisions of section 433 of this title, became members of said System shall become members of the Vermont State Retirement
System and shall have the shares credited on their account to the Fund of the Vermont
State Retirement System in accordance with the provisions of section 473 of this title. Thereafter all contributions on behalf of such members shall be made by such employer
and member to the Vermont State Retirement System. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 18; 2025, No. 18, § 10, eff. May 13, 2025.)