reglab/housing_qa huggingface dataset:
3 V.S.A. § 472
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 472. Investments; interest rate; disbursements

§ 472. Investments; interest rate; disbursements|(a) The members of the Vermont Pension Investment Commission established in chapter 17 of this title shall be the trustees of the Funds created by this subchapter, 16 V.S.A. chapter 55, and 24 V.S.A. chapter 125, and with respect to them may invest and reinvest the assets of the Fund, and hold, purchase, sell, assign, transfer, and dispose of the securities and investments in which the assets of the Fund have been invested and reinvested. Investments shall be made in accordance with the standard of care established by the prudent investor rule under 9 V.S.A. chapter 147.(b) From time to time, the Retirement Board shall set the rate or rates of regular interest at such percent rate compounded annually as shall be determined by the Board, such rate to be limited to a minimum of three percent and a maximum of five percent.(c) The State Treasurer shall be the custodian of the assets of the Fund of the Retirement System. All payments from the Fund shall be made by the State Treasurer or his or her deputy, with approval of the Retirement Board. A duly attested copy of a resolution of the Retirement Board designating such persons and bearing on its face specimen signatures of such persons shall be filed with the State Treasurer as his or her authority for making payments upon such vouchers.(d) Except as otherwise herein provided, no trustee and no employee of the Board or member of the Commission shall have any direct interest in the gains or profits of any investment made by the Commission; nor shall any trustee or employee of the Board or the Commission, directly or indirectly, for himself or herself or as an agent, in any manner use the same except to make such current and necessary payments as are authorized by the Board or Commission; nor shall any trustee or employee of the Board or the Commission become an endorser or surety, or in any manner an obligor, for the monies loaned to or borrowed from the Board. The Treasurer, with the approval of the Board and the Commission, shall adopt by rule standards of conduct for trustees and employees of the Board in order to maintain and promote public confidence in the integrity of the Board. Such rules shall prohibit trustees and employees from receiving or soliciting any gift, including meals, alcoholic beverages, travel fare, room and board, or any other thing of value, tangible or intangible, from any vendor or potential vendor of investment services, management services, brokerage services, and other services to the Board or Commission. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1981, No. 41, § 16; 1985, No. 171 (Adj. Sess.), § 3, eff. May 7, 1986; 1987, No. 80, § 8, eff. June 9, 1987; 1997, No. 67 (Adj. Sess.), § 4; 2005, No. 50, § 5; 2007, No. 13, § 9; 2021, No. 75, § 5, eff. June 8, 2021.)
3 V.S.A. § 473a
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 473a. Periodic actuarial reports

§ 473a. Periodic actuarial reports|The Board shall cause to be made an actuarial reevaluation of the rate of member contributions deducted from earnable compensation pursuant to subdivision 473(b)(2) of this title, on a periodic basis at least every three years, to determine whether the amount deducted is necessary to make the contributions picked up and paid by the State for such members cost neutral to the General Fund. The actuarial reevaluation shall consider all relevant factors, including federal tax law changes. The Board shall report the results of the actuarial reevaluation to the General Assembly together with any recommendations for adjustment in the members' contribution rate under subdivision 473(b)(2) of this title. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this section. (Added 1997, No. 68 (Adj. Sess.), § 8, eff. March 1, 1998; amended 2013, No. 142 (Adj. Sess.), § 9.)
3 V.S.A. § 474
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 474. Predecessor systems

§ 474. Predecessor systems|Any beneficiary of a predecessor system who is in receipt of a benefit on the date of establishment shall become a beneficiary hereunder and shall continue to receive the benefit being paid from the Fund of this System, under the conditions of the predecessor system as in effect at the time of the member's retirement, subject to such adjustment as provided for in section 470 of this title. Any former member of a predecessor system who, upon termination of service, was eligible for a deferred benefit under the provisions of that System, the payment of which has not commenced as of the date of establishment, shall continue to be so eligible, and shall receive such benefit from the System subject to the conditions of the predecessor system as in effect at the time the member's service was terminated. The cash and securities to the credit of the predecessor systems on the date of establishment shall be transferred to this Retirement System, the amount of each member's accumulated contributions included in such transfer shall be credited to the member's individual account in the fund to become a part of the member's accumulated contributions, and the balance shall be credited to the Fund. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 12.)
3 V.S.A. § 475
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 475. Errors

§ 475. Errors|Should any change or error in the records result in any member or beneficiary receiving from the Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Retirement Board shall have the power to correct such error, and to adjust as far as practicable the payments in such a manner that the actuarial equivalent of the benefit to which such member or beneficiary was correctly entitled shall be paid or in such a manner that the impact upon the Fund is de minimis. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2017, No. 165 (Adj. Sess.), § 5.)
3 V.S.A. § 476
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 476. Exemption of member's interest; assignment

§ 476. Exemption of member's interest; assignment|A member's annuity, pension, or retirement allowance under this subchapter and the member's assets in the Retirement System, shall not be exempt from taxation, including income tax, but shall be exempt from the operation of any laws relating to bankruptcy or insolvency and shall not be attached or taken upon execution or other process of any court. No assignment by a member of any part of such assets to which the member is or may be entitled, or of any interest in such assets, shall be valid, except to the extent permitted by this subchapter. (Added 1971, No. 231 (Adj. Sess.). § 4; amended 1973, No. 117, § 12; 2007, No. 13, § 13.)
3 V.S.A. § 477
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 477. Prior service credit

§ 477. Prior service credit|An employee who has ceased being a member upon reemployment is entitled to prior service credit upon depositing in the Fund the contributions which would have been deducted from the employee's compensation had he or she remained a member with interest as set forth in section 473 of this title. The employee in order to qualify for the prior service credit must also deposit in the Fund a sum equal to the contributions which would have been contributed by the State had the employee remained a member with interest as set forth in section 473 of this title. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 14.)
3 V.S.A. § 480a
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 480a. Group A members; limit on contributions

§ 480a. Group A members; limit on contributions|Contributions in the form of a deduction from compensation under section 473 of this title shall cease for any group A member who attains 25 years of creditable service and the member shall continue to accrue creditable service, without such a contribution, at the rate of 1 2/3 percent until the member retires. Any group A member in service on January 1, 1991 who, as of that date, has made contributions for more than 25 years but less than 30 years shall, upon normal retirement, be granted up to five years of additional creditable service at the rate of 1 2/3 percent for each year or part of a year in which contributions were made in excess of 25 years. Any group A member in service on January 1, 1991 who, as of that date, has made contributions for more than 30 years shall, upon normal retirement, receive credit for contributions in excess of 25 years and in addition shall be granted, upon normal retirement, five years of additional creditable service at the rate of 1 2/3 percent. (Added 1989, No. 277 (Adj. Sess.), § 17t, eff. Jan. 1, 1991.)
3 V.S.A. § 481
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 481. Definitions

§ 481. Definitions|The following words and phrases as used in this subchapter, unless a different meaning is plainly required by the context, shall have the following meanings:  (1) "Employee" shall mean any regular officer or employee who is employed for not less than 40 calendar weeks in a year, other than a person engaged under retainer or special agreement. In all cases of doubt, the Retirement Board shall determine whether any person is an employee as defined in this subchapter. (2) "National Guard employees" shall mean employees of the Vermont National Guard hired under 32 U.S.C. § 709. (3) "Employer" shall mean any political subdivision of the State of Vermont and the Vermont National Guard as to employees thereof hired under 32 U.S.C. § 709. (4) "Governing board" shall mean the governing body, by whatever name known, of such employer. (5) "Local retirement fund" shall mean any retirement, pension, or benefit fund partially or wholly maintained at the expense of an employer. (6) "Retirement Board" shall mean the Retirement Board of the State Retirement System. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1973, No. 251 (Adj. Sess.), § 1; 2013, No. 22, § 6.)
3 V.S.A. § 482
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 482. Participation by local governments; election by employer

§ 482. Participation by local governments; election by employer|(a) Any governing board of an employer which elected to have its eligible employees participate in the Vermont State Retirement System shall, by virtue of said election, have its eligible employees participate in the Vermont State Retirement System. Any members of the Vermont Employees' Retirement System, in the employ of such employer, shall have the shares credited on their account to the various funds of that Retirement System transferred 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 for deposit in the Fund.(b) Membership of National Guard employees will commence effective the first day of the first pay period for which the federal government makes the required employer contribution, and will end on the failure of the federal government to make such contribution. Membership and benefits for this class of employee shall be a contributory money purchase type on such terms as are mutually agreed by the representatives of the federal government, national guard technicians of the State of Vermont and the trustees of the Vermont State Retirement System. The employee contribution shall be not less than the percentage contributed by the federal government.(c) All National Guard employees who became members of the Vermont Employees' Retirement System pursuant to section 432 of this title and who, on the date of establishment, were members of that System shall become and continue to be members of the Vermont State Retirement System until the failure of the federal government to make contributions on their account. All shares credited to the Vermont Employees' Retirement System on account of such National Guard employees shall be transferred 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 the federal government and the member to the Vermont State Retirement System for deposit in the Fund. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1973, No. 251 (Adj. Sess.), § 2; 2007, No. 13, § 17.)
3 V.S.A. § 483
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 483. Petition by employees; transfer of assets

§ 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 such members, the participation of such 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 thereupon apply, except that the existing pensioners or annuitants of the local retirement fund who were being paid benefits on the date such 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. Such 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.)
3 V.S.A. § 484
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 484. Election by employee; service credits

§ 484. Election by employee; service credits|Membership in the Vermont State Retirement System shall be optional with employees who are in the service of the employer on the date when participation becomes effective pursuant to subsection 482(a) or subsection 483(a) of this title and any such employee shall become a member as of that date or as of the date of completing three years of continuous service for the employer, if later, unless he or she files with the Retirement Board within 30 days of his or her eligibility a notice of his or her election not to be included in the membership. Any such employee who becomes a member of the Vermont State Retirement System within one year of the effective date of participation of his or her employer shall be credited with creditable service covering such periods of service prior to such effective date with such employer or predecessor employer for which the employer is willing to make accrued liability contributions. Thereafter service for such employer on account of which contributions are made by the employer and member shall also be considered as creditable service. (Added 1971, No. 231 (Adj. Sess.), § 4.)
3 V.S.A. § 485
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 485. Compulsory membership

§ 485. Compulsory membership|Membership in the Vermont State Retirement System shall be compulsory for all employees entering the service of such employer after the date participation becomes effective, and shall be effective upon the date of hire. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2013, No. 22, § 7.)
3 V.S.A. § 486
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 486. Duty of local officers

§ 486. Duty of local officers|The chief fiscal officer of the employer, and heads of its departments, shall submit to the Retirement Board such information and shall cause to be performed with respect to the employees of such employer such duties as shall be prescribed by the Retirement Board in order to carry out the provisions of this subchapter. (Added 1971, No. 231 (Adj. Sess.), § 4.)
3 V.S.A. § 487
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 487. Rates of contribution

§ 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 which would be payable annually by the employer on behalf of such members corresponding to the contributions which 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.)
3 V.S.A. § 488
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 488. Payment of contributions

§ 488. Payment of contributions|The contributions computed under section 487 of this title together with a pro rata share of the cost of the administration of the Vermont State Retirement System based upon the payroll of the employees of the employer who are members shall be certified by the Retirement Board to the Chief Fiscal Officer of the employer. The amounts so certified shall be a charge against the employer. The Chief Fiscal Officer shall pay to the State Treasurer the amount certified by the Retirement Board as payable under the provisions of this subchapter, and the State Treasurer shall credit such amounts to the Fund of the Vermont State Retirement System. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 2007, No. 13, § 19.)
3 V.S.A. § 489
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 489. Benefits

§ 489. Benefits|Persons who become members of the Vermont State Retirement System under this subchapter and on behalf of whom contributions are paid as provided in this subchapter shall be entitled to benefits under the Vermont State Retirement System as though they were employees of the State of Vermont. These employees shall be considered "Group F members" as defined in subdivision 455(a)(11)(E) of this title, except that elected municipal employees shall not be subject to mandatory retirement requirements. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1977, No. 164 (Adj. Sess.), § 4, eff. March 31, 1978; 2013, No. 22, § 8.)
3 V.S.A. § 490
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 490. Default; paid up deferred annuity

§ 490. Default; paid up deferred annuity|The agreement of any employer to contribute on account of its employees shall be irrevocable, but should any employer for any reason become financially unable to make the contributions on account of its employees as provided in this subchapter, then such employer shall be deemed to be in default. All members of the Vermont State Retirement System who were employed by such employer at the time of default shall thereupon be entitled to discontinue membership in such Retirement System and to a refund of their previous contributions upon demand made within 90 days thereafter. As of a date 90 days following the date of such default, the actuary of the Vermont State Retirement System shall determine by actuarial valuation the amount of the reserve held on account of each remaining active member and beneficiary of such employer and shall credit to each such member and beneficiary the amount of the reserve so held. The reserve so credited, together with the amount of the accumulated contributions of each such active member, shall be used to provide for him or her a paid up deferred annuity beginning at age 65, and the reserve of each beneficiary shall be used in providing such part of his or her existing pension as the reserve so held will provide, which pension, together with his or her annuity, shall thereafter be payable to him or her. The rights and privileges of both active members and beneficiaries of such employer shall thereupon terminate, except as to payment of the deferred annuities so provided and the annuities and pensions, or parts thereof, provided for the beneficiaries. (Added 1971, No. 231 (Adj. Sess.), § 4.)
3 V.S.A. § 491
2021 Vermont Statutes|Title 3 - Executive|Chapter 16 - Vermont Employees' Retirement System|§ 491. Liability of retirement system

§ 491. Liability of retirement system|Anything in this subchapter to the contrary notwithstanding, the Vermont State Retirement System shall not be liable for the payment of any pensions or other benefits on account of the employees or beneficiaries of any employer under this subchapter, for which reserves have not been previously created from funds contributed by such employer, or its employees, for such benefits. (Added 1971, No. 231 (Adj. Sess.), § 4.)