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S.21

Introduced by   Senator Illuzzi of Essex-Orleans District and Senator MacDonald of Orange District

Referred to Committee on

Date:

Subject:  Education; teachers; retired teachers; minimum service retirement allowance

Statement of purpose:  This bill proposes to increase the minimum service retirement allowance for teachers who have taught for 15 consecutive years.

AN ACT RELATING TO MINIMUM SERVICE RETIREMENT ALLOWANCE FOR TEACHERS

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

Sec. 1.  16 V.S.A. § 1937(b)(4) is amended to read:

(4)  Beginning July 1, 1989, the service retirement allowance shall be not less than the larger of $4,550.00 a year or 50 percent of the member's average final compensation for any member or beneficiary who has completed 30 years or more of creditable service, nor less than a proportionate amount thereof for any member or beneficiary who has completed less than 30 years of creditable service.  Beginning March 1, 1998, the service retirement allowance shall be not less than the larger of $6,600.00 a year or 50 percent of the member's average final compensation for any member or beneficiary who has completed 30 years or more of creditable service, nor less than a proportionate amount thereof for any member or beneficiary who has completed at least five years, but less than 30 years, of creditable service.  Beginning July 1, 2005, the service retirement allowance shall be not less than the larger of $8,600.00 per year or 50 percent of the member's average final compensation for any member or beneficiary who has completed 15 years or more of creditable service, nor less than a proportionate amount thereof for any member or beneficiary who has completed at least five years, but less than 15 years, of creditable service.  For this purpose, any annuity derived from the member's contributions transferred from the existing system under section subsections 1934(c) of this title and from additional contributions made under section subdivision 1944(b)(5) and (6) of this title shall not be included as part of the retirement allowance.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us