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2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 17 - Vermont Pension Investment Commission › § 521. Definitions

§ 521. Definitions
As used in this chapter:
(1) “Commission” means the Vermont Pension Investment Commission.
(2) “Financial expert” means an individual with material expertise and experience in institutional fund management or other significant pension or other relevant financial expertise.
(3) “Independent” means an individual who does not have a direct or indirect material interest in the Plans.
(A) An individual has a direct or indirect material interest in the Plans if:
(i) the individual or the individual’s spouse is a beneficiary of any of the Plans; or
(ii) the individual or the individual’s spouse, parent, child, sibling, or in-law is or has been within the past five years an employee, director, owner, officer, consultant, or manager or had another material role with an entity servicing the Plans.
(B) An individual is considered an owner of a publicly traded company if the individual owns, directly or indirectly, five percent or more of a class of the company’s equity securities registered under the Securities Exchange Act of 1934 (15 U.S.C. § 78 et seq.), as amended.
(4) “Plans” means the Vermont State Teachers’ Retirement System, the Vermont State Employees’ Retirement System, and the Vermont Municipal Employees’ Retirement System pursuant to section 472 of this title, 16 V.S.A. § 1943, and 24 V.S.A. § 5063. (Added 2005, No. 50, § 2; amended 2007, No. 100 (Adj. Sess.), § 1; 2021, No. 75, § 1, eff. June 8, 2021.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 17 - Vermont Pension Investment Commission › § 524. Vermont Pension Investment Commission Special Fund

§ 524. Vermont Pension Investment Commission Special Fund
(a) Creation. There is hereby created the Vermont Pension Investment Commission Special Fund, administered by the Vermont Pension Investment Commission, for the purpose of receiving funds transferred to the Commission pursuant to subsection 522(i) of this title. Monies in the Fund shall be used to pay expenses associated with carrying out the Commission’s duties.
(b) Funds. The Fund shall consist of:
(1) any amounts collected and transferred by the three retirement systems and any individual municipalities that have been allowed to invest their retirement funds pursuant to subsection 523(a) of this title;
(2) any amounts transferred or appropriated to it by the General Assembly; and
(3) any interest earned by the Fund. (Added 2021, No. 185 (Adj. Sess.), § E.134.2, eff. July 1, 2022; amended 2023, No. 3, § 106a, eff. March 20, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 18 - Vt Saves › § 534. Vermont Retirement Security Fund

§ 534. Vermont Retirement Security Fund
(a) There is established the Vermont Retirement Security Fund to be administered by the State Treasurer.
(b) The Fund shall consist of the following:
(1) any monies appropriated to the Fund by the General Assembly;
(2) any monies transferred to the Fund from the federal government, other state agencies, or other governmental source;
(3) any monies from the payment of fees, penalties, and the payment of other money due to the Program; and
(4) any gifts, grants, or donations made to the Fund and any gifts, grants, donations, or investments received by the Treasurer.
(c) The Treasurer shall credit to the Fund all interest and income derived from the deposit and investment of monies in the Fund.
(d) Any unexpended and unencumbered monies at the end of a fiscal year shall remain in the Fund. (Added 2023, No. 43, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 18 - Vt Saves › § 535. Penalties

§ 535. Penalties
(a) Failure to enroll. If a covered employer fails to enroll a covered employee without reasonable cause, the covered employer is subject to a penalty for each covered employee for each calendar year or portion of a calendar year during which the covered employee was not enrolled in the Program or had not opted out of participation in the Program. The amount of any penalty imposed on a covered employer for the failure to enroll a covered employee without reasonable cause is determined as follows:
(1) prior to October 1, 2025, the maximum penalty per covered employee is $10.00;
(2) beginning on October 1, 2025 and ending on September 30, 2026, the maximum penalty per covered employee is $20.00;
(3) on or after October 1, 2026, the maximum penalty per covered employee is $75.00.
(b) Waivers. The Treasurer is authorized to establish a rule waiving the penalty for a covered employer for any failure to enroll a covered employee for which it is established that the covered employer did not know that the failure existed and exercised reasonable diligence to meet the requirements of this chapter, provided that:
(1) no penalty shall be imposed on any failure for which it is established that the covered employer subject to liability for the penalty did not know that the failure existed and exercised reasonable diligence to meet the requirements of this subsection above;
(2) no penalty shall be imposed on any failure if:
(A) the covered employer subject to liability for the penalty exercised reasonable diligence to meet those requirements; and
(B) the covered employer complies with the requirements set forth in subdivision (1) of this subsection (b) with respect to each covered employee by the end of the 90-day period beginning on the first date the covered employer knew, or exercising reasonable diligence would have known, that the failure existed; and
(3) in the case of a failure that is due to reasonable cause and not to willful neglect, the Treasurer may waive all or part of the penalty to the extent that the payment of the penalty would be excessive or otherwise inequitable relative to the failure involved. (Added 2023, No. 43, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 18 - Vt Saves › § 536. Protection from liability

§ 536. Protection from liability
(a) Employer protection from liability.
(1) A covered employer shall not be considered a fiduciary in relation to the Program.
(2) A covered employer or other employer shall not be liable for and shall not bear responsibility for:
(A) any employee’s decision to participate in or opt out of the Program;
(B) any investment decisions of any participant;
(C) the administration, investment, investment returns, or investment performance of the Program, including any interest rate or other rate of return on any contribution or account balance;
(D) the Program design or the benefits paid to participants;
(E) an individual’s awareness of or compliance with the conditions and other provisions of the tax laws that determine which individuals are eligible to make tax-favored contributions to an IRA, in what amount and in what time frame and manner; or
(F) any loss, deficiency, failure to realize any gain, or any other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any person as a result of participating in the Program.
(b) Protection for the State and others. The Treasurer and Program:
(1) have no responsibility for compliance by individuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner;
(2) have no duty, responsibility, or liability to any party for the payment of any benefits under the Program, regardless of whether sufficient funds are available under the Program to pay such benefits;
(3) shall not guarantee any interest rate or other rate of return on or investment performance of any contribution or account balance; and
(4) shall not be liable or responsible for any loss, deficiency, failure to realize any gain, or any other adverse consequences, including any adverse tax consequences or loss of favorable tax treatment, public assistance, or other benefits, incurred by any person as a result of participating in the Program. (Added 2023, No. 43, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 18 - Vt Saves › § 537. Confidentiality

§ 537. Confidentiality
The Treasurer shall establish policies and procedures, consistent with the Vermont Public Records Act and other statutory provisions, for the Program participants’ personal and confidential information. (Added 2023, No. 43, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 18 - Vt Saves › § 538. Accounting and reports

§ 538. Accounting and reports
Beginning on January 15, 2024, and annually thereafter, the Treasurer shall submit a report to the Governor and the House Committees on Commerce and Economic Development and on Government Operations and Military Affairs and the Senate Committees on Economic Development, Housing and General Affairs and on Government Operations detailing the activities, operations, receipts, and expenditures of the Program during the preceding calendar year, and any other information regarding the Program. The report shall include, as applicable, the number of participants, the investment options, rates of return, and the projected activities of the Program for the current calendar year. (Added 2023, No. 43, § 1, eff. July 1, 2023.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 19 - Social Security for State and Municipal Employees › § 571. Declaration of policy

§ 571. Declaration of policy
In order to extend to employees of the State and its political subdivisions and to the dependents and survivors of such employees the basic protection accorded to others by the Old Age and Survivors Insurance System embodied in the Social Security Act, the State of Vermont authorizes and empowers the Treasurer of the State as a State agency to enter into appropriate agreements with the Secretary of Health and Human Services for the purpose of making available under the provisions of this chapter, to employees of the State and its political subdivisions, the benefits of the Social Security Act. It is also the policy of the legislature that the federal-State agreement permitted by this chapter be made applicable to the services of all employees of the State of Vermont to the extent and in the manner permitted by the federal Social Security Act.
2023 Vermont Statutes › Title 3 - Executive › Chapter 19 - Social Security for State and Municipal Employees › § 572. Definitions

§ 572. Definitions
For the purposes of this chapter:
(1) “Employee” includes an officer of a State or political subdivision thereof;
(2) “Employment” means any service performed by any employee in the employ of the State, or any political subdivision thereof, for such employer, except (1) service which in the absence of an agreement entered into under this chapter would constitute “employment” as defined in the Social Security Act; or (2) service which under the Social Security Act may not be included in an agreement between the State and the Secretary of Health and Human Services entered into under this chapter. Service which under the Social Security Act may be included in an agreement only upon certification by the Governor in accordance with Section 218(d)(3) or 218(d)(7) of that Act shall be included in the term “employment” if and when the Governor issues, with respect to such service, a certificate to the Secretary of Health and Human Services pursuant to subsection 578(b) of this title.
(3) “Federal Insurance Contributions Act” means subchapter A of chapter 9 of the federal Internal Revenue Code of 1939 and subchapters A and B of chapter 21 of the federal Internal Revenue Code of 1954, as such codes have been and may from time to time be amended; and the term “employee tax” means the tax imposed by Section 1400 of such Code of 1939 and Section 3101 of such Code of 1954.
(4) “Political subdivision” includes an instrumentality of a state, of one or more of its political subdivisions, or of a state and one or more of its political subdivisions, but only if such instrumentality is a juristic entity which is legally separate and distinct from the State or subdivision and only if its employees are not by virtue of their relation to such juristic entity employees of the State or subdivision.
(5) “Secretary of Health and Human Services” includes any individual to whom the Secretary of Health and Human Services has delegated any of his or her functions under the Social Security Act with respect to coverage under such act of employees of states and their political subdivisions, and with respect to any action taken prior to April 11, 1953, includes the Federal Security Administrator and any individual to whom such Administrator had delegated any such function.
(6) “Social Security Act” means the act of Congress approved August 14, 1935, chapter 531, 49 Stat. 620, officially cited as the “Social Security Act,” including regulations and requirements issued pursuant thereto, as such Act has been and may from time to time be amended.
(7) “State agency” means the State Treasurer.
(8) “Wages” means all remuneration for employment as defined herein, including the cash value of all remuneration paid in any medium other than cash, except that such term shall not include that part of such remuneration which, even if it were for “employment” within the meaning of the federal Insurance Contributions Act, would not constitute “wages” within the meaning of that Act. (Amended 1963, No. 164, § 1, eff. June 25, 1963.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 19 - Social Security for State and Municipal Employees › § 574. Contributions by State employees

§ 574. Contributions by State employees
(a) Every employee of the State whose services are covered by an agreement entered into under section 573 of this title shall be required to pay for the period of such coverage, into the Contribution Fund established by section 576 of this title, contributions, with respect to wages as defined in section 572 of this title, equal to the amount of the employee tax which would be imposed by the federal Insurance Contributions Act if such services constituted employment within the meaning of that Act. Such liability shall arise in consideration of the employee’s retention in the service of the State, or his or her entry upon such service, after April 26, 1951.
(b) The contribution imposed by this section shall be collected by deducting the amount of the contribution from the wages as and when paid, but failure to make such deduction shall not relieve the employee from liability for such contribution.
(c) If more or less than the correct amount of the contribution imposed by this section is paid or deducted with respect to any remuneration, proper adjustments, or refund if adjustment is impracticable, shall be made, without interest, in such manner and at such times as the State agency shall prescribe.
2023 Vermont Statutes › Title 3 - Executive › Chapter 19 - Social Security for State and Municipal Employees › § 576. Contribution Fund

§ 576. Contribution Fund
(a) There is hereby established a special fund to be known as the Contribution Fund. Such Fund shall consist of and there shall be deposited in such Fund: (1) all contributions, interest, and penalties collected under sections 574 and 575 of this title; (2) all monies appropriated thereto under this chapter; (3) any property or securities and earnings thereof acquired through the use of monies belonging to the Fund; (4) interest earned upon any monies in the Fund; and (5) all sums recovered upon the bond of the custodian or otherwise for losses sustained by the Fund and all other monies received for the Fund from any other source. All monies in the Fund shall be mingled and undivided. Subject to the provisions of this chapter, the State agency is vested with full power, authority, and jurisdiction over the Fund, including all monies and property or securities belonging thereto, and may perform any and all acts whether or not specifically designated, which are necessary to the administration thereof and are consistent with the provisions of this chapter.
(b) The Contribution Fund shall be established and held separate and apart from any other funds or monies of the State and shall be used and administered exclusively for the purpose of this chapter. Withdrawals from such Fund shall be made for, and solely for (1) payment of amounts required to be paid to the Secretary of the Treasury pursuant to an agreement entered into under section 573 of this title; (2) payment of refunds provided for in subsection 574(c) of this title; and (3) refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality.
(c) From the Contribution Fund the custodian of the Fund shall pay to the Secretary of the Treasury such amounts and at such time or times as is provided under the terms of the agreement entered into under section 573 of this title and the Social Security Act.
(d) The Treasurer of the State shall be ex officio treasurer and custodian of the Contribution Fund and shall administer such fund in accordance with the provisions of this chapter. The State Treasurer may appoint a director and other assistants as he or she may deem necessary to administer this chapter and fix their salaries, under the provisions of section 310 of this title, with the approval of the Governor.
(e) There are hereby authorized to be appropriated annually to the Contribution Fund, in addition to the contributions collected and paid into the Contribution Fund under sections 574 and 575 of this title, to be available for the purposes of subsections (b) and (c) of this section until expended, such additional sums as are found to be necessary in order to make the payments to the Secretary of the Treasury which the State is obligated to make pursuant to an agreement entered into under section 573 of this title. (Amended 2003, No. 122 (Adj. Sess.), § 294c.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 19 - Social Security for State and Municipal Employees › § 579. Warrant for State’s share of contribution

§ 579. Warrant for State’s share of contribution
(a) Employees not members of a retirement system. The Commissioner of Finance and Management is hereby directed to issue his or her warrant in favor of the Vermont State Treasurer, agent, for the amounts necessary to pay the State’s share of the contribution due the federal government as the result of such agreement being made applicable to the services of employees of the State who are not members of a State retirement system. The contribution of the State to cover members whose salaries are paid from other than the General Fund appropriation shall be paid from the department appropriation from which such members’ salaries are paid. It is further directed that after July 1, 1957, these amounts be charged back to the individual departmental appropriations.
(b) Members of Vermont Employees’ Retirement System. The Commissioner of Finance and Management is hereby directed to issue his or her warrant in favor of Vermont State Treasurer, agent, for the amounts necessary to pay the employer’s share of the old age and survivors insurance tax due the federal government as the result of the coverage agreement authorized by this chapter being extended to employees of the State who are members of the Vermont Employees’ Retirement System. It is further directed that after July 1, 1957 this tax be charged back to the individual departmental appropriations.
(c) Members of Vermont State Retirement System. The Commissioner of Finance and Management is hereby directed to issue his or her warrant in favor of Vermont State Treasurer, agent, for the amounts necessary to pay the employer’s share of the old age and survivors insurance tax due the federal government as the result of the coverage agreement authorized by this chapter being extended to employees of the State who are members of the Vermont State Retirement System and who were not subject to the provisions of subsection (b) of this section as in effect on June 30, 1972. It is further directed that after July 1, 1972 this tax be charged back to the individual departmental appropriations. (Amended 1971, No. 231 (Adj. Sess.), § 3; 1983, No. 195 (Adj. Sess.), § 5(b).)
2023 Vermont Statutes › Title 3 - Executive › Chapter 21 - Insurance Benefits › § 632. Charge against department appropriations

§ 632. Charge against department appropriations
The Commissioner of Finance and Management is directed to charge back against the individual departmental appropriations in all funds the amount certified by voucher of the Commissioner of Human Resources to be necessary to pay the State’s share of the employees’ group life and group hospital-surgical medical insurance. In the case of retired employees, the State’s share shall be paid from the respective Retirement Systems. (Amended 1983, No. 195 (Adj. Sess.), § 5(b); 1995, No. 123 (Adj. Sess.), § 1, eff. June 6, 1996; 2003, No. 156 (Adj. Sess.), § 15.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 21 - Insurance Benefits › § 633. Deduction of premium from retirement allowance

§ 633. Deduction of premium from retirement allowance
When a State employee is retired under the Vermont Employees’ Retirement System and at such time is, under the provision of section 631 of this title, receiving the benefits of group insurance which provides for continuing the insurance after retirement, or is receiving the benefits of any group insurance policy as defined by 8 V.S.A. chapter 107, said employee may in writing, direct the State Treasurer to deduct from his or her monthly retirement allowance his or her premium therefor notwithstanding any prohibition against assignment contained in chapter 16, subchapter 1 of this title. (Amended 1993, No. 34, § 1.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 21 - Insurance Benefits › § 636. Retired Employees’ Committee on Insurance; membership; duties

§ 636. Retired Employees’ Committee on Insurance; membership; duties
(a) The Retired Employees’ Committee on Insurance is hereby created. The Committee shall consist of six members, three to be selected by the Secretary of Administration, at least two of whom shall be retired State employees, and three to be selected by the Vermont State Employees’ Association, at least one of whom shall be a retired State employee. Members shall serve for terms of two years. The Commissioner of Human Resources shall be an ex officio member of the Committee.
(b) The Committee shall elect a chair from among its members and shall meet periodically at the call of the Chair or at the request of any three of its members. Meetings shall be held at least twice a year.
(c) The Committee shall review the health insurance benefits available to retired employees through the State. It shall make whatever recommendations it deems appropriate to the Secretary of Administration on the existing plan and on any changes under consideration. Recommendations shall be made prior to the bidding process conducted under subsection 631(c) of this title.
(d) The Committee may represent the interests of retired persons in respect to complaints or questions about their insurance benefits.
(e) Members of the Committee shall serve on a voluntary basis and shall not be entitled to per diem compensation or compensation for expenses.
(f) The Committee shall recommend to the State Treasurer the original plan of dental benefits for retired members and any subsequent changes to the plan. The State Treasurer shall be responsible for plan administration, including determining the plan administrator, determining plan benefits, determining eligibility, and setting premium rates. The Office of State Treasurer shall be reimbursed from the premiums collected for the plan for any reasonable additional costs incurred for the administration and maintenance of the plan. (Added 1981, No. 168 (Adj. Sess.), § 1; amended 2003, No. 156 (Adj. Sess.), § 15; 2005, No. 163 (Adj. Sess.), § 5.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 21 - Insurance Benefits › § 637. Dental coverage; members of the General Assembly; buy-in

§ 637. Dental coverage; members of the General Assembly; buy-in
(a) A member of the General Assembly and a session employee of the General Assembly shall be eligible to participate in any group dental insurance program negotiated in a collective bargaining agreement with State employees. Premiums shall be paid by the legislator or employee at the full actuarial rate with no contributions from the State and shall be deducted from compensation due for services rendered during the legislative session or assessed and paid directly by the legislator or employee.
(b) A person who elects to participate in the group dental insurance program pursuant to this section shall notify the program’s administrator, in writing, of such election. The enrollment period for persons electing pursuant to this section shall correspond with the enrollment period for State employees. (Added 2015, No. 172 (Adj. Sess.), § E.126.1, eff. June 8, 2016; amended 2021, No. 20, § 3.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 22 - Deferred Compensation Programs › § 650. Definitions

§ 650. Definitions
The following definitions shall apply throughout this chapter unless the context requires otherwise:
(1) “Deferred compensation agreement” means any agreement authorized by this chapter entered into between a public agency and an employee of that agency providing for a reduction in the employee’s compensation in return for the agency’s promise to make deferred payments in the future.
(2) “Employee” means any employee of a public agency whether appointed, elected or under contract to whom compensation is paid.
(3) “Other public agency” means a public agency described in subdivision (4)(B) or (C) of this section.
(4) “Public agency” means:
(A) the State, acting as a single unit employer on behalf of the General Assembly and State agencies, departments, boards, or commissions;
(B) a county or municipality as defined in 24 V.S.A. § 4303(12); and
(C) a school district as defined in 16 V.S.A. § 11(a)(10) or a supervisory union as defined in 16 V.S.A. § 11(a)(23).
(5) “State Board” means the Vermont State Retirement Board.
(6) “Teachers’ Board” means the Vermont State Teachers’ Retirement Board. (Added 1973, No. 175 (Adj. Sess.), eff. July 1, 1973; amended 1979, No. 59, § 16; 1997, No. 68 (Adj. Sess.), § 5, eff. March 1, 1998; 2007, No. 162 (Adj. Sess.), § 1, eff. May 20, 2008.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 22 - Deferred Compensation Programs › § 651. Deferred compensation plans authorized

§ 651. Deferred compensation plans authorized
(a) Subject to collective bargaining rights of employees involved, the State or any county, municipality, school district, or supervisory union may, through any public agency, enter into a contractual agreement with any employee of that agency to defer, in whole or in part, that employee’s compensation. Payroll reductions shall be made, in each instance, by the appropriate payroll officer.
(b) The State Board may establish and administer a plan that conforms with Section 457 of the Internal Revenue Code for the purpose of providing a deferred compensation program for State employees, including members of the General Assembly, and for the employees of other public agencies that elect to participate in the State plan.
(c) Other public agencies may establish and administer a plan for the purpose of providing a deferred compensation program for their employees.
(d) The State Board and other public agencies, which have or will establish a deferred compensation plan, shall create a trust to conform with the appropriate sections of the Internal Revenue Code. The Teachers’ Board may create an investment program that will provide public agencies set forth in subdivision 650(4)(C) of this title operating plans under Section 403(b) of the Internal Revenue Code with investment options.
(e) All assets and income which have been or shall be deposited pursuant to this chapter by the State of Vermont or other public agencies shall be held in trust in any funding vehicle permitted by Section 403(b) and Section 457 of the Internal Revenue Code for the exclusive benefit of the plans’ participants and their beneficiaries until such time as the funds are distributed to the participant or the beneficiary of the participant in accordance with the terms of the deferred compensation plan.
(f) For state employees, including members of the General Assembly, the State Board shall be the trustees of the deferred compensation plan that conforms to Section 457 of the Internal Revenue Code, and the State Treasurer shall be the custodian of the funds in the trust. All payments from the funds shall be made by the State Treasurer or the Treasurer’s authorized agent. An investment program established by the Teachers’ Board shall be optional for public agencies set forth in subdivision 650(4)(C) of this title. The public agency shall be the trustees of its plans created under Section 403(b) of the Internal Revenue Code.
(g) Any political subdivision administering a plan as a trust shall be required to name one or more persons as trustees of such plan, and to establish provisions relating to the removal or resignation of a trustee, the appointment of a successor and the methods by which the trustee may take necessary action as required under the plan. (Added 1973, No. 175 (Adj. Sess.), § 1, eff. July 1, 1973; amended 1979, No. 59, §§ 17, 17a; 1997, No. 68 (Adj. Sess.), § 6, eff. March 1, 1998; 2007, No. 162 (Adj. Sess.), § 2, eff. May 20, 2008.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 22 - Deferred Compensation Programs › § 652. Taxation

§ 652. Taxation
Any deferred compensation agreement shall be in accordance with the requirements of the rulings and regulations of the Internal Revenue Service and as such any sum deferred shall not be subject to taxation until distribution is actually made or made available to the employee. (Added 1973, No. 175 (Adj. Sess.), eff. July 1, 1973.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 22 - Deferred Compensation Programs › § 653. Supplementary payments

§ 653. Supplementary payments
Any deferred compensation agreement made pursuant to this chapter shall be in addition to any retirement, pension or benefit programs otherwise available to employees of the public agency entering into the agreement. Furthermore, the current compensation of any employee agreeing to a current reduction under subsection 651(a) of this title shall be deemed to include the amount of any such reduction for the purpose of determining the employee’s benefits under any retirement, pension or benefit programs otherwise available to the employee. (Added 1973, No. 175 (Adj. Sess.), eff. July 1, 1973.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 25 - Administrative Procedure › § 800. Purpose

§ 800. Purpose
The General Assembly intends that:
(1) Agencies maximize the involvement of the public in the development of rules.
(2) Agency inclusion of public participation in the rulemaking process should be consistent.
(3) Agencies write rules so that they are clear and accessible to the public.
(4) When an agency adopts rules, it subjects the rules to thorough regulatory analysis.
(5) The General Assembly should articulate, as clearly as possible, the intent of any legislation that delegates rulemaking authority.
(6) When an agency adopts policy, procedures, or guidance, it shall not do so to supplant or avoid the adoption of rules. (Added 1999, No. 146 (Adj. Sess.), § 2; amended 2017, No. 156 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 25 - Administrative Procedure › § 806. Procedure to request adoption of rules or procedures; guidance documents

§ 806. Procedure to request adoption of rules or procedures; guidance documents
(a) A person may submit a written request to an agency asking the agency to adopt, amend, or repeal a procedure or rule. Within 30 days after receiving the request, the agency shall initiate rulemaking proceedings; shall adopt, amend, or repeal the procedure; or shall deny the request, giving its reasons in writing.
(b) A person may submit a written request to an agency asking the agency to adopt a guidance document as a rule or to amend or repeal the guidance document. Within 30 days after receiving the request, the agency shall initiate rulemaking proceedings; shall amend or repeal the guidance document; or shall deny the request, giving its reasons in writing. (Added 1967, No. 360 (Adj. Sess.), § 6, eff. July 1, 1969; amended 1981, No. 82, § 2; 2017, No. 156 (Adj. Sess.), § 2.)
2023 Vermont Statutes › Title 3 - Executive › Chapter 25 - Administrative Procedure › § 807. Declaratory judgment on validity or applicability of rules

§ 807. Declaratory judgment on validity or applicability of rules
The validity or applicability of a rule may be determined in an action for declaratory judgment in the Washington Superior Court if it is alleged that the rule, or its threatened application, interferes with or impairs, or threatens to interfere with or impair, the legal rights or privileges of the plaintiff. The agency shall be made a party to the action. A declaratory judgment may be rendered whether or not the plaintiff has requested the agency to pass upon the validity or applicability of the rule in question. (Added 1967, No. 360 (Adj. Sess.), § 7, eff. July 1, 1969; amended 1973, No. 193 (Adj. Sess.), § 3.)