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NO. 48.  AN ACT RELATING TO THE GOVERNOR’S RETIREMENT FUNDS INTEGRITY REPORT.

(H.133)

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

Sec. 1.  3 V.S.A. § 471(n) is amended to read:

(n)  The board shall review annually the amount of state contribution recommended by the actuary of the retirement system as necessary to achieve and preserve the financial integrity of the funds established pursuant to section 473 of this title.  Based on this review, the board shall recommend the amount of state contribution that should be appropriated for the next fiscal year to achieve and preserve the financial integrity of the funds.  On or before November 1 of each year, the board shall submit this recommendation to the governor and the house and senate committees on government operations and appropriations.

Sec. 2.  16 V.S.A. § 1942(r) is amended to read:

(r)  The board shall review annually the amount of state contribution recommended by the actuary of the retirement system as necessary to achieve and preserve the financial integrity of the funds established pursuant to section 1944 of this title.  Based on this review, the board shall recommend the amount of state contribution that should be appropriated for the next fiscal year to achieve and preserve the financial integrity of the funds.  On or before November 1 of each year, the board shall submit this recommendation to the governor and the house and senate committees on government operations and appropriations.

Sec. 3.  32 V.S.A. § 311 is amended to read:

§ 311.  RETIREMENT FUNDS INTEGRITY REPORT

(a)  The governor shall include as a part of the annual budget report required by section 306 of this title, a statement of the extent by which the recommended appropriations to the teachers’ retirement funds and to the Vermont employees retirement funds differ from the amounts as recommended by the Vermont employees retirement system retirement board as provided by section subsection 471(n) of Title 3, and by the teachers’ retirement system board of trustees as provided by section subsection 1942(r) of Title 16.  If the governor’s recommended appropriations are less than the amounts recommended by one or both of the boards of the two retirement systems, the governor shall set forth the long-term financial implications to the state of such shortfall and present a plan to achieve and preserve the fiscal integrity of the retirement funds of the retirement system or systems.

(b)  Within 30 days of the filing of recommendations under subsection 471(n) of Title 3 and 1942(r) of Title 16, the state treasurer and the


commissioner of finance and management shall present the recommendations to a joint meeting of the house and senate committees on government operations and appropriations.

Approved:  June 7, 2005



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us