§ 1934 - Members of prior Vermont teachers' retirement system - Vermont Statutes

§ 1934. Members of prior Vermont teachers' retirement system

(a) After July 1, 1947, no new member shall be added to the membership of the Vermont teachers' retirement system, hereinafter referred to as the existing system, as provided for by chapter 193 of the Vermont Statutes, Revision of 1947.

(b) Any member of the existing system in service or on an approved leave of absence on July 1, 1947, shall become a member of this system as provided in subsection (b) of section 1933 of this title, unless he or she files an election not to be included in the membership as therein prescribed. If he or she becomes a member of this system within one year after July 1, 1947, the service certified on his or her prior service certificate as provided in subsection (b) of section 1936 of this title, shall be not less than the service as a teacher with which he or she was credited as a member of the existing system on July 1, 1947. Service rendered outside the state in the capacity of a teacher as herein defined for which the member had received credit in the existing system shall be allowed as creditable service under this system.

(c) At the time a member of the existing system becomes a member of this system, the retirement board of the existing system shall transfer to this system the amount standing to the member's credit in the existing system, consisting of the member's contributions and state contributions credited to his account, together with all interest credited on such amounts, and thereupon the teacher's membership in the existing system shall terminate and he or she shall have no further interest therein. The amount derived from the teacher's contributions with interest credits shall, when transferred to this system, be credited to his or her individual account in the fund as accumulated contributions except that they shall be used at the time of retirement to provide an additional annuity computed on the basis of such mortality table and rate of interest as would have been applicable had such member retired under the provisions of the existing system. The amount derived from state contributions with interest credit shall, when transferred to this system, be credited to the fund.

(d) All retirement allowances to teachers retired under the existing system in force on July 1, 1947 shall be paid thereafter from the fund created by this chapter, and the part of any retirement allowance then in force which is provided from the state's contributions shall be not less than the pension which would have been payable had the provisions of this chapter been in force at the time of retirement.

(e), (f) [Deleted.] (Amended 2007, No. 13, § 24.)