Vermont Statutes Title 24 Sec. 5065
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Terms Used In Vermont Statutes Title 24 Sec. 5065
- Actuarial equivalent: means a benefit of equal value under actuarial assumptions last adopted by the Retirement Board under subsection 5063a(h) of this title. 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
- Beneficiary: means any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this chapter. See
- Board: means the Board of Trustees of the System provided for in section 5062 of this title to administer the System. See
- Member: means any employee included in the membership of the Retirement System under section 5053 of this title. See
- Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
- System: means the Municipal Employees' Retirement System of Vermont, as defined in section 5052 of this title. See
§ 5065. Errors
Should any change or error in the records result in any member or beneficiary receiving from the Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Retirement Board shall have the power to correct such error, and to adjust as far as practicable 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. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 2017, No. 165 (Adj. Sess.), § 27.)