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It is hereby enacted by the General Assembly of the State of Vermont:


(a) A special retirement study committee is created for the purpose of conducting a comprehensive review of issues related to the Vermont state retirement system, the state teachers' retirement system of Vermont and the municipal employees' retirement system of Vermont. The committee shall consist of nine members as follows: four members of the House, appointed by the Speaker of the House; four members of the Senate, appointed by the Committee on Committees of the Senate; and the Treasurer, or the Treasurer's designee. The committee shall elect its chair and clerk.

(b) The committee shall:

(1) Review the policies upon which the state employees', teachers' and municipal employees' retirement systems are based and determine whether the current systems and policies are the most appropriate means of addressing the needs of members, beneficiaries and Vermont taxpayers.

(2) Identify areas in which policies of and benefits offered by the various systems have become inequitable and consider appropriate adjustments in pension policies to eliminate or reduce these inequities.

(3) Consider any other issues the committee determines to be relevant to the committee's consideration of public pension systems.

(4) Review and evaluate the issue of retired state employees receiving recognition, including, but not limited to, compensation for military service to their country during the periods of June 25, 1950 - January 31, 1955 and August 5, 1964 - May 7, 1975.

(c) The committee shall report its findings, together with recommendations, to the General Assembly no later than January 15, 2000.

(d) The legislative members of the committee shall be entitled to compensation and reimbursement of expenses at the rate provided under 2 V.S.A. § 406 for not more than eight meetings.

(e) The committee shall have available to it the staff and resources available to the General Assembly, including the Legislative Council and the Joint Fiscal Office. In addition, the State Treasurer's office shall provide assistance to the committee, as necessary.

(f) The committee is authorized to expend up to $40,000.00 for the purpose of obtaining the actuarial services required by the study authorized by this act. The source of funds for this authorized expenditure shall be provided by the state teachers' retirement fund, the Vermont state retirement fund and the municipal employees' retirement fund. Costs shall be charged against the system for which such services are employed.

(g) The provisions of this act shall expire on January 15, 2000.

Approved: June 1, 1999