Vermont § 5062 - Retirement Board; Medical Board; actuary; rates of contribution; safekeeping of securities

§ 5062. Retirement Board; Medical Board; actuary; rates of contribution; safekeeping of securities

• (a)(1) The general administration and responsibility for the proper operation of the Retirement
  System and for making effective the provisions of this chapter are hereby vested in
  a board of five trustees, known as the Retirement Board. The Board shall consist of: (A) the State Treasurer; (B) two employee representatives who shall at all times during their term of office both
  be contributing members of the System and have completed five years of creditable
  service, elected by the membership of the System; (C) one employer representative who shall at all times during their term of office be
  a member of a governing body, the chief executive officer, or a supervisor as defined
  in 21 V.S.A. § 1502(13), of an employer participating in the System, elected by the governing bodies of the
  System employers; and (D) one employer representative who shall at all times during their term of office be
  a member of a governing body, the chief executive officer, or a supervisor as defined
  in 21 V.S.A. § 1502(13), of an employer participating in the System, appointed by the Governor from a list
  of not less than three nominations jointly submitted by the Vermont League of Cities
  and Towns and the Vermont School Boards Association. (2) An individual shall not be eligible to serve as an employee representative if the
  individual is eligible to serve as an employer representative.