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ACT NO. 129

(S.295)

Defined Contribution Retirement Plan

This act creates a defined contribution retirement plan for exempt state employees. Participation in this plan would be in lieu of participation in the Vermont state retirement system, which is a defined benefit plan. Employees who elect to participate in the defined contribution retirement plan will make payroll contributions at the same rate provided for group F members of the Vermont state retirement system. The state contribution will be seven percent of participating employees' compensation for each payroll period. Current exempt employees have until December 31, 1998 to elect to transfer to the defined contribution plan. The decision to participate in the plan is irrevocable.

Effective Date: July 1, 1998