§ 1952 - Election to group B membership - Vermont Statutes

§ 1952. Election to group B membership

(a) Any group A member may elect to become a group B member as of June 30, 1990; or if a group A member has been separated from state service for a period exceeding six months on that date, then within 60 days following return to service.

(b) The procedure for election to become a group B member shall be established by the state teachers' retirement board. The board shall establish the date of election, and provide all members with at least 30-days advance notice of the election together with a general written explanation of the election and its consequences, including an individual comparison of projected benefits at no cost to the member.

(c) All group A members electing to become group B members shall retain all service credit recognized for group A members, shall lose all rights to benefits as a group A member under this chapter, attain all rights to benefits as a group B member under this chapter, and within 60 days of the effective date of the transfer, shall receive return of the member's accumulated contribution balance, including interest, to the date of transfer or may authorize the retirement board to purchase a single premium deferred annuity with the member's accumulated contribution balance.

(d) Election to become a group B member under this section is irrevocable. (Added 1989, No. 169 (Adj. Sess.), § 10, eff. May 12, 1990.)