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. § 487)
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§ 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 that would be payable annually by the employer on behalf of such
members corresponding to the contributions that the State of Vermont makes on behalf
of State employees, except that each employer of members participating in the Vermont
State Retirement System as provided in this subchapter shall make a special accrued
liability contribution on account of the participation of its employees, which shall
be determined by an actuarial valuation of the accrued liability on account of the
employees of such employer who become members, in the same way as the accrued liability
rate was originally determined for employees of the State of Vermont. This special
accrued liability contribution, subject to such adjustment as may be necessary on
account of any additional credits for service prior to the date of participation of
its employees in the System awarded by such employer, shall be payable in lieu of
the accrued liability contribution payable on account of other employees in the Vermont
State Retirement System. The expense of making the valuation to determine any special
accrued liability contribution shall be assessed against and paid by the employer
on whose account it was necessary. Prior to the determination of the special accrued
liability contribution, the employer shall make accrued liability contributions at
the accrued liability rate payable by the State of Vermont on behalf of State employees. (Added 1971, No. 231 (Adj. Sess.), § 4.)