§ 284 - Maintenance of retirement fund; retiring board; sources of retirement fund - Vermont Statutes

§ 3-284. Maintenance of retirement fund; retiring board; sources of retirement fund

(a) The retirement fund heretofore established shall hold the assets of the retirement system. From the same there shall be available pensions to employees, appointive officers and the mayor of the city, upon the terms and conditions prescribed in the Ordinance. The city council is hereby given authority and power to provide in the annual budget an appropriation to the fund, as may be necessary to meet the required demands thereunder. The retirement board shall consist of two (2) members appointed by the city council, one (1) class A member of the system elected by the class A membership, one (1) class B member of the system elected by the class B membership and the chief administrative officer as an ex officio member.

(b) This fund shall be created from the following sources:

(1) The accumulated contributions deducted from the compensation of class A members as well as those contributions deducted from the compensation of class B members when class B membership contributions were required.

(2) The contributions of the city for benefits under the retirement system shall consist of a percentage of the earned compensation of members to be known as the "normal contribution" and an additional dollar amount to be known as the "accrued liability contribution."

(3) All interest and dividends earned on the fund.