Vermont Statutes Title 24 Sec. 5058
Terms Used In Vermont Statutes Title 24 Sec. 5058
- 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
- Beneficiary: means any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this chapter. See
- Earnable compensation: means the total amounts paid to an employee for his or her position. See
- Member: means any employee included in the membership of the Retirement System under section 5053 of this title. See
- Pension: means annual payments for life derived from contributions by the State and municipality. See
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- Service: means service as an employee for which compensation is paid by an employer as defined in subdivision (11) of this section, service recognized under section 5054 of this title, or service prior to the effective date of the plan. See
- System: means the Municipal Employees' Retirement System of Vermont, as defined in section 5052 of this title. See
§ 5058. Reinstatement
Should a disability beneficiary be restored to service and should his or her annual earnable compensation then or at any time thereafter be equal to or greater than his or her average final compensation at retirement, or should any other beneficiary be restored to service, his or her retirement allowance shall cease and the beneficiary shall again become a member of the Retirement System. Anything in this chapter to the contrary notwithstanding, upon his or her subsequent retirement he or she shall be credited with all the service creditable to him or her at the time of his or her former retirement. However, if such beneficiary is restored to membership after the attainment of the age of 55 years, his or her pension upon subsequent retirement shall not exceed the sum of the pension that he or she was receiving immediately prior to his or her last restoration to membership and the pension that may have accrued to him or her on account of membership service since his or her last restoration to membership. (Added 1973, No. 251 (Adj. Sess.), § 3.)