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S.111

Introduced by   Senator Collins of Franklin District, Senator Doyle of Washington District and Senator Kittell of Franklin District

Referred to Committee on

Date:

Subject:  Education; teachers; retirement; prior service credit

Statement of purpose:  This bill proposes to allow retired teachers who are then reemployed to obtain credit for prior service.

AN ACT RELATING TO PRIOR SERVICE CREDIT FOR TEACHERS

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

Sec. 1.  16 V.S.A. § 1953 is added to read:

§ 1953.  PRIOR SERVICE CREDIT

A teacher who has ceased being a member upon reemployment is entitled to prior service credit upon depositing in the annuity savings fund the contributions which would have been deducted from the teacher’s compensation had he or she remained a member with interest as set forth in section 1944 of this title.  The teacher, in order to qualify for the prior service credit, shall also deposit in the pension accumulation fund a sum equal to the contributions which would have been contributed by the state had the teacher remained a member with interest as set forth in section 1944 of this title.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us