Terms Used In Vermont Statutes Title 3 Sec. 475

  • Actuarial equivalent: shall mean a benefit of equal value under the actuarial assumptions last adopted by the Retirement Board under subsection 472a(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 this subchapter. See
  • Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
  • Member: shall mean any employee included in the membership of the Retirement System under section 457 of this title. See
  • Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See

§ 475. 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. (Added 1971, No. 231 (Adj. Sess.), § 4.)