Vermont Statutes Title 16 Sec. 1948
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Terms Used In Vermont Statutes Title 16 Sec. 1948
- Actuarial equivalent: shall mean a benefit of equal value under the actuarial assumptions last adopted by the Retirement Board under subsection 1943a(h) of this title. See
- 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
- Member: shall mean any person included in the System pursuant to section 1933 of this chapter. See
§ 1948. Errors
Should any mistake be made, or should any change or error in the records result in any member or beneficiary receiving from the System more or less than he or she would have been entitled to receive had the records been correct, the Board shall have the power, in its discretion, to correct such mistake or such error, and as far as practicable, to adjust 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. (Amended 2017, No. 165 (Adj. Sess.), § 22.)