Vermont § 5055 - Normal and early retirement

§ 5055. Normal and early retirement

• (a) Normal retirement. Any member who has reached his or her normal retirement date may retire on a normal
  retirement allowance on the first day of any month after separation from service by
  filing an application in the manner outlined in subdivision (1) of this subsection.
  Any member in service may be retired on a normal retirement allowance on the first
  day of the calendar month next following his or her normal retirement date. (1) Where application for a retirement allowance is required, the member shall apply in
  writing to the Retirement Board not later than 90 days, or longer for cause shown,
  after the date upon which the retirement allowance is to begin. (b)(1) Normal retirement allowance. Upon normal retirement, a Group A member shall receive a normal retirement allowance
  that shall be equal to one and four-tenths percent of his or her average final compensation
  multiplied by the number of years of creditable service as a Group A member up to
  a maximum of 60 percent of average final compensation; a Group B member shall receive
  a normal retirement allowance which shall be equal to the normal retirement allowance
  earned as a member of Group A, if any, up to a maximum of 60 percent of average final
  compensation, plus one and seven-tenths percent of his or her average final compensation
  multiplied by the number of years of creditable service as a Group B member, up to
  a maximum of 60 percent of average final compensation; and a Group C or Group D member
  who retires prior to July 1, 1995 shall receive a normal retirement allowance which
  shall be equal to the normal retirement allowance earned as a member of Group A, if
  any, up to a maximum of 60 percent of average final compensation, and that earned
  as a member of Group B, if any, up to a maximum of 60 percent of average final compensation,
  plus two and one-half percent of his or her average final compensation multiplied
  by the number of years of creditable service as a member of Group C, up to a maximum
  of 50 percent of average final compensation. The normal retirement allowance for a
  Group B member who is hired on or after July 1, 1999 shall be equal to the early retirement
  allowance earned as a member of Group A, including reductions set forth in subsection
  (d) or (e) of this section as appropriate, if any, plus the normal retirement allowance
  earned as a member of Group B. The normal retirement allowance for a Group C or Group
  D member who retires on or after July 1, 1995 shall be equal to the early retirement
  allowance earned as a member of Group A including reductions set forth in subsection
  (d) or (e) of this section as appropriate, if any, up to a maximum of 60 percent of
  average final compensation, plus the early retirement allowance earned as a member
  of Group B including reductions set forth in subsection (d) or (e) of this section
  as appropriate, if any, up to a maximum of 60 percent of average final compensation,
  plus the normal retirement allowance earned as a member of Group C or Group D, up
  to a maximum of 50 percent of average final compensation. (2) The average final compensation used to calculate the retirement allowance under all
  plans shall be based on the definition of the average final compensation for the member’s
  group plan immediately preceding retirement. (c) Early retirement. Any member who has not reached his or her normal retirement date but who has completed
  five years of creditable service, at least two and one-half of which have been as
  a contributor subsequent to joining the System, and who has attained age 55 may retire
  on an early retirement allowance. (d) Early retirement allowance. Upon early retirement, a member shall receive an early retirement allowance equal
  to the retirement benefit reduced by one-half of one percent for each of the first
  120 months, one-sixth of one percent for each of the next 120 months, one-eighteenth
  of one percent for each of the next 120 months, and one-fifty-fourth of one percent
  for each additional month that the member is under the normal age at the time of early
  retirement. (e) Early retirement allowance—police officers. Notwithstanding subsections (c) and (d) of this section, upon early retirement, sworn
  municipal police officers who have attained age 60 and who are members of Group A
  or B shall receive an early retirement allowance which shall be equal to his or her
  normal retirement allowance computed under subsection (b) of this section, reduced
  by one-quarter of one percent for each month the member is under the normal age at
  the time of early retirement. Municipal public safety officers who have attained age
  50 and completed 20 years of creditable service and who are members of Group D may
  retire on an early retirement allowance. Members of Group D who retire on an early
  retirement allowance shall receive an early retirement allowance which shall be equal
  to the normal retirement allowance at age 55 for Group D service with no reduction
  applied, but shall have all appropriate penalties applied to accrued Group A, Group
  B, or Group C service. (f) In any fiscal year in which a beneficiary resumes service, as that term is defined
  in section 5051 of this title, after separation from service for a period of time to be determined by the Board,
  he or she shall again become a member of the System, shall contribute at the rate
  established for members of his or her group, and shall not be entitled to receive
  a retirement allowance. (g) Upon the subsequent retirement of an employee who once again became a member under
  subsection (f) of this section, the employee shall once again become a beneficiary
  whose former retirement allowance shall be restored, but the beneficiary shall not
  be entitled to cost of living adjustments for the period during which he or she was
  restored to service. In addition to the former retirement allowance, a beneficiary
  shall be entitled to a retirement allowance separately computed for the period beginning
  with his or her last restoration to service for which the member has made a contribution.
  If the beneficiary is not vested in the System since he or she was last restored to
  service, the member’s contributions plus accumulated interest shall be returned to
  him or her. (Added 1973, No. 251 (Adj. Sess.), § 3. 1974; amended 1977, No. 164 (Adj. Sess.), §§ 1, 2, eff. March 31, 1978; 1987, No. 39, § 4; 1989, No. 11, §§ 3, 8; 1991, No. 233 (Adj. Sess.), § 5; 1995, No. 25, § 1; 1999, No. 53, § 9; 1995, No. 61, § 3; 2001, No. 29, § 10; 2001, No. 116 (Adj. Sess.), § 10, eff. May 28, 2002; 2003, No. 122 (Adj. Sess.), § 297g; 2007, No. 13, § 41; 2007, No. 137 (Adj. Sess.), § 9; 2009, No. 24, § 11.)