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
005
:
RESERVES; DEPOSITS; PENSIONS
(Cite as: 8 V.S.A. § 3504)
-
§ 3504. Pension system
An insurance company now or hereafter organized and doing business under the laws
of this State, in addition to all other powers granted to it by law, may provide a
pension in pursuance of the terms of a retirement plan, adopted by its board of directors
and approved by the Commissioner, for any person who is or has been an employee of
such company, and who shall retire by reason of age or disability, and may further
provide that, if such employee shall contribute to a retirement fund established under
such retirement plan, and shall thereafter retire from the service of the company
for reasons other than age or disability, the employee may withdraw from such fund
the amount of the employee’s contribution thereto with interest thereon at such rate,
if any, and subject to such rules and regulations, as may be provided by the board
of directors. However, such a company shall not grant a pension after the death of
an officer, director, or trustee thereof, to a member of his or her family, or to
his or her estate or to any other person for the benefit thereof. For the purposes
of this section, the word “employee” shall include a salaried officer or an employee
of such company and, in the case of a life insurance company, a soliciting or general
agent of such company and an employee of such general agent, whether or not the person
for whom such pension is to be provided is or shall be deemed for any other purpose
an employee of such company. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 2); amended 2007, No. 49, § 5.)