§ 2323 - Retirement system - Vermont Statutes

§ 2323. Retirement system

Authority is hereby given the University of Vermont and State Agricultural College to reserve from funds appropriated by the state or any of its subdivisions for resident teaching, research, extension and related services in the agricultural college of the University of Vermont and State Agricultural College amounts designed as employer contributions to be made to a retirement system established by the board of trustees of the University of Vermont and State Agricultural College and to deposit such amounts to the credit of such retirement system for subsequent disbursement in accordance with the terms thereof. However, there shall not be deducted from such funds and deposited to the credit of retirement accounts as employer contributions, amounts in excess of five percent of that portion of salaries of employees paid from such funds in any fiscal year.