Terms Used In Vermont Statutes Title 3 Sec. 463

  • 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: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
  • Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
  • Membership service: means service rendered while a member of the Retirement System. See
  • Pension: shall mean annual payments for life derived from contributions by the State. See
  • Prior service: shall mean service rendered prior to the date of membership in the Retirement System for which credit was given under the terms of one or both of the predecessor systems as set forth in section 458 of this title. See
  • Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
  • Service: shall mean service as an employee for which compensation is paid by the State. See
  • State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See

§ 463. Reinstatement

(a) Should a disability beneficiary be restored to service 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 subchapter 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 55 years of age, his or her pension upon subsequent retirement shall not exceed the sum of the pension which he or she was receiving immediately prior to his or her last restoration to membership and the pension that may have accrued on account of membership service since his or her last restoration to membership, provided that the rate percent of his or her total pension on his or her subsequent retirement shall not exceed the rate he or she would have received had he or she remained in service during the period of prior retirement.

(b) A member who has been reemployed is entitled to prior service credit upon depositing in the fund the contributions which would have been deducted from the member’s compensation had he or she remained a member with interest as set forth in subdivision 473(c)(1) of this title. The member in order to qualify for the prior service credit must also deposit in the fund a sum equal to the contributions which would have been contributed by the State had he or she remained a member with interest as set forth in subdivision 473(c)(1) of this title. (Added 1971, No. 231 (Adj. Sess.), § 4; amended 1981, No. 41, § 11; 1989, No. 277 (Adj. Sess.), § 17n, eff. Jan. 1, 1991; 2007, No. 13, § 5; 2015, No. 18, § 12.)