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.
(Cite as: 24 V.S.A. § 5061)
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§ 5061. Death benefit; post retirement
The beneficiary of a member who dies after retirement shall receive at the member’s
death, a lump sum equal in amount to the difference between the member’s accumulated
contributions at the time of retirement and the sum of the annuity payments actually
made to the member during his or her lifetime. However, if the member elected an option
prior to the commencement of the benefit, the provisions thereof shall apply. Under
all options, in the absence of a written designation of beneficiary, or in the event
the designated beneficiary is deceased, the residual amount payable as a result of
the death of the member after retirement shall be payable as follows:
(1) In the case of an open estate, to the administrator or executor.
(2) In the case of a closed estate and the residual amount payable is valued at less than
$1,000.00, in accordance with the Probate Division of the Superior Court decree of
distribution.
(3) In the absence of an open estate or Probate Division of the Superior Court decree
of distribution, and the residual amount payable is valued at less than $1,000.00
to the surviving spouse of the deceased owner, or, if there is no surviving spouse,
then to the next of kin according to 14 V.S.A. § 551.
(4) In all other cases, a probate estate shall be opened by the claimant, or other interested
party, in order to determine the appropriate distribution of the residual amount payable.
When an estate is opened solely to distribute the residual amount payable under this
section, the Probate Division of the Superior Court may waive any filing fees. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 2007, No. 13, § 43; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)