Vermont Statutes Title 16 Sec. 1949b
Terms Used In Vermont Statutes Title 16 Sec. 1949b
- Amortization: Paying off a loan by regular installments.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Retirement: shall mean withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- Service: shall mean all service as a teacher for which compensation is received. See
§ 1949b. Postretirement adjustment to retirement allowance; formula; evaluation
(a) On or before September 1, 2027 and every three years thereafter, or at the request of the Board in conjunction with any proposed changes to the amortization schedule, the Board shall consider the intent set forth in subsection 1949a(a) of this chapter and evaluate whether to modify the postretirement adjustment formula or any other benefit that may accrue to the members of the System who are in active service on or before June 30, 2022 and made contributions for the duration of fiscal year 2023 and members in active service on or after July 1, 2022 and made contributions for at least one year. The evaluation shall only include a proposed benefit change if the Postretirement Adjustment Allowance Fund has sufficient assets to pay for the present value of that benefit.
(b) On or before January 15, 2028 and every three years thereafter, or following a request for an evaluation by the Board, the Board shall submit a report to the House and Senate Committees on Government Operations with the results of the evaluation described in subsection (a) of this section. (Added 2021, No. 114 (Adj. Sess.), § 22, eff. July 1, 2022.)