Vermont Statutes Title 16 Sec. 1939
Terms Used In Vermont Statutes Title 16 Sec. 1939
- Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance or other benefit as provided by the System. See
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board: shall mean the board of trustees of the System provided for in section 1942 of this title to administer the System. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Member: shall mean any person included in the System pursuant to section 1933 of this chapter. See
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- School year: means the year beginning July 1 and ending the next June 30. See
- Service: shall mean all service as a teacher for which compensation is received. See
- Teacher: shall mean any licensed teacher, principal, supervisor, superintendent, or any professional licensed by the Vermont Standards Board for Professional Educators who is regularly employed, or otherwise contracted if following retirement, for the full normal working time for his or her position in a public day school or school district within the State, or in any school or teacher-training institution located within the State, controlled by the State Board of Education, and supported wholly by the State; or in certain public independent schools designated for such purposes by the Board in accordance with section 1935 of this title. See
§ 1939. Restoration to service
(a) In any fiscal year in which a beneficiary resumes service, as that term is defined in section 1931 of this title, he or she shall again become a member of the System, shall contribute at the rate established for members of his or her group and shall not be entitled to receive a retirement allowance, if he or she is:
(1) compensated in excess of the allowable number of days per school year as established by the Board for substitute teaching; or
(2) receives compensation in excess of 60 percent of the average compensation in the teacher System.
(b) If a person once again becomes a member under subsection (a) of this section, membership shall be retroactive to the beginning of the fiscal year in which the person resumed service and the member shall not be entitled to any retirement allowance received during that fiscal year. If the person received a retirement allowance during the fiscal year in which he or she resumed service, upon subsequent retirement the Board shall suspend his or her retirement allowance for a period necessary to reimburse the System for the total retirement allowance received during the period in which the beneficiary resumed service and became a member.
(c) Upon subsequent retirement of a person who once again becomes a member under subsection (a) of this section, the beneficiary’s former retirement allowance shall be restored, but the beneficiary shall not be entitled to cost of living adjustments for the period during which he or she was restored to service. In addition to the former retirement allowance, a beneficiary shall be entitled to a retirement allowance separately computed for the period beginning with his or her last restoration to service for which the member has made a contribution. (Amended 1963, No. 110, § 2, eff. May 28, 1963; 1973, No. 141 (Adj. Sess.), § 4; 1981, No. 41 § 27; 1995, No. 36, § 5; 1999, No. 158 (Adj. Sess.), § 10.)