Vermont § 5054a - Elective credits

§ 5054a. Elective credits

• (a) Any member may elect to have included in the member’s creditable service, years of
  service as an employee of another municipality, as a State employee, or as a teacher
  in a public or private school, as defined by the Board, and years of service in the
  defined contribution plan authorized under section 5070 of this title when the employee elects to transfer back to the defined benefit plan as a result
  of his or her employer offering a higher group plan. Any member who so elects shall
  deposit in the Fund by a single contribution the amount or amounts determined by the
  System’s actuary to be cost neutral to the System. No application for credit under
  this subsection shall be granted if at the time of application, the member has a vested
  right to retirement benefits in another defined benefit retirement system based upon
  that service. (b) Any member who has rendered 15 years of creditable service and who has, prior to becoming
  a member of the System, served a minimum of one full year of full-time service in
  the military or one full year of full-time service as a member of the Cadet Nurse
  Corps in World War II, the Peace Corps, VISTA, or AmeriCorps for which the member
  has derived no military pension benefits, may elect to have included in the member’s
  creditable service all or any part of the member’s military, Cadet Nurse Corps, Peace
  Corps, VISTA, or AmeriCorps service not exceeding five years. Any member who so elects
  shall deposit in the Fund by a single contribution the amount or amounts determined
  by the System’s actuary to be cost-neutral to the System. Notwithstanding the foregoing,
  in the event of a conflict between the provisions of this subsection and the provisions
  of 10 U.S.C. § 12736 concerning the counting of the same full-time military service toward both military
  and State pensions, the provisions of the U.S. Code shall control. (c) Any time a member is required to make a single contribution in connection with an
  election under this section, a member may contribute over a maximum of five years
  in installments of equal value. Those contributions shall become a part of the member’s
  accumulated contributions. Any member who retires before completing payment for the
  purchase of service under this section shall receive pro rata credit for service purchased
  before the date of retirement, but if the member so elects at the time of retirement,
  the member may pay as much in a single sum as is necessary to provide full credit
  at that time. (Added 1999, No. 53, § 8b; amended 2001, No. 29, § 9; 2005, No. 197 (Adj. Sess.), § 2; 2007, No. 13, § 40; 2009, No. 24, § 10; 2015, No. 18, § 8.)