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NO. 44.  AN ACT RELATING TO ADJUSTMENTS TO THE MUNICIPAL EMPLOYEES’ RETIREMENT SYSTEM OF VERMONT.

(H.528)

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

Sec. 1.  24 V.S.A. § 5064(b) is amended to read:

(b)  Annuity savings fund.  The annuity savings fund shall be the fund in which shall be accumulated contributions deducted from the compensation of members.  Contributions shall be made by group A members at the rate of three percent of earnable compensation.  Contributions shall be made by group B members at the rate of five percent of earnable compensation.  Contributions shall be made by group C and group D members at a rate of 11 percent of earnable compensation.  Additionally, if an employee remains in group C and is employed by an employer who elects to revoke its group C membership in accordance with subsection (f) of section 5068 of this title, the rate established above will be adjusted.  This adjustment shall be determined by subtracting the group B rate, or if not applicable, the group A rate determined in subdivision (c)(1) of this section from the group C rate determined in subdivision (c)(1) of this section.  Notwithstanding the provisions of this subsection, for the period July 1, 2000 through June 30, 2005 June 30, 2010, contributions shall be made by group A members at the rate of two and one-half percent of earnable compensation, by group B members at the rate of four and one-half percent of


earnable compensation, and by group C members at the rate of nine percent of earnable compensation.

* * *

Approved:  June 7, 2005



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us