Vermont § 5060 - Optional benefits
Full text of Vermont Vermont Statutes Online § 5060 — Optional benefits, with citation guidance and answers to common questions.
§ 5060. Optional benefits
- (a) Until the first payment on account of a retirement allowance becomes normally due,
any member may elect to convert the retirement allowance otherwise payable to the
member after retirement into a retirement allowance that is its actuarial equivalent,
in accordance with one of the optional forms described below. Option 1. A reduced retirement allowance payable during the member’s life, with the provision
that it shall continue after the member’s death for the life of the beneficiary nominated
by the member by written designation duly acknowledged and filed with the Retirement
Board at the time of retirement should such beneficiary survive the member; or Option 2. A reduced retirement allowance payable during the member’s life, with the provision
that it shall continue after the member’s death at one-half the rate paid to the member
and be paid for the life of the beneficiary nominated by the member by written designation
duly acknowledged and filed with the Retirement Board at the time of retirement should
such beneficiary survive the member. (b) Any member who elects to receive a retirement allowance under the provisions of option
1 or 2 may elect to receive a benefit further reduced actuarially as prescribed by
the Board with the added provision that on the basis of stipulations contained in
a plan-approved domestic relations order or if the retired member survives the member’s
nominated beneficiary, the retirement allowance which would have been payable during
the member’s life computed pursuant to section 5055 or 5056 of this title, whichever is applicable, shall be paid to the retired member during the remainder
of the member’s lifetime. If a member does not make an election as to the form of
his or her retirement allowance, the member shall receive his or her retirement allowance
computed pursuant to section 5055 or 5056 of this title, whichever is applicable. (Added 1973, No. 251 (Adj. Sess.), § 3; 1999, No. 53, § 11.)
Frequently Asked Questions About Vermont § 5060
What does Vermont Statutes Online § 5060 cover?
Section 5060 ("Optional benefits") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 5060?
A common citation format is "Vermont Statutes Online § 5060" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 5060 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.