Bill > S0156

This bill proposes several amendments to the Vermont State Employees' Retirement System, focusing on multiple areas of retirement policy. The bill expands the definition of Group G members to include additional state employees such as classified employees of public safety answering points, Family Services Division, Vermont Veterans' Home, and the Department of State's Attorneys and Sheriffs. It modifies the normal retirement allowance calculations for Group G members, reducing the percentage used to calculate retirement benefits. The bill allows state employees to earn creditable service for previous temporary or seasonal state employment and broadens the circumstances for receiving creditable service for military service, specifically adding credit for service during numerous military conflicts like Operation Enduring Freedom and Operation Iraqi Freedom. Additionally, the bill changes the contribution rates for Group G members, standardizing them at different percentages starting in fiscal year 2026, and creates a statutory contractual right for retirement system members, ensuring that future amendments cannot diminish their existing benefits. The bill requires the State Treasurer to study the fiscal impacts of the expanded military service creditable service provisions and report findings by January 15, 2026, with most provisions taking effect on July 1, 2025, and the military service provisions taking effect on July 1, 2026.

Government Affairs

https://legislature.vermont.gov/bill/status/2026/S.156