Vermont § 1944c - Employer charges for federal grants or reimbursements

§ 1944c. Employer charges for federal grants or reimbursements

• (a) Notwithstanding any provision of law to the contrary, effective on July 1, 2015, the
  employer retirement costs and administrative operating expenses related to the retirement
  plans applicable to those teachers whose funding is provided from federal grants or
  through federal reimbursement shall be paid by local school systems or educational
  entities that participate in the Vermont Teachers’ Retirement Fund from those federal
  monies. (b) The percentage rates to be applied shall be determined by an actuary approved by the
  Board of Trustees of the State Teachers’ Retirement System of Vermont and shall be
  applied to the total earnable compensation of members prepared by the actuary in compliance
  with subsection 1942(r) of this title. The Secretary of Education shall annually provide an accounting of federal grants
  and federal reimbursements, by school system, upon which payment by the participating
  schools shall be determined. (c) The State Treasurer and the Secretary of Education shall establish procedures for
  the collection and deposit of those monies in the State Teachers’ Retirement System
  of Vermont. The Secretary of Education may delay implementation upon review of the
  federal grant program to permit timely and accurate claims for reimbursement of retirement
  expenses under a particular federal program in order to receive funding under that
  program. The Secretary of Education shall provide an annual report to the Senate Committee
  on Appropriations and the House Committee on Education regarding progress in implementation
  of this section. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this
  subsection. (Added 2013, No. 179 (Adj. Sess.), § E.514.3; amended 2017, No. 154 (Adj. Sess.), § 22, eff. May 21, 2018.)