Introduced by Committee on Economic Development, Housing and General Affairs
Subject: Education; Vermont state colleges; faculty; appropriation
Statement of purpose: This bill proposes to appropriate $250,000.00 to the Vermont state colleges for the purpose of paying nontenured faculty for benefits lost due to cancellation of early retirement benefits.
AN ACT RELATING TO BENEFITS FOR VERMONT STATE COLLEGES NONTENURED FACULTY
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. FINDINGS
(a) The general assembly finds that the agreement entered into by the board of trustees of the Vermont state colleges and the Vermont state colleges faculty federation on November 30, 2005 is fair and equitable. Under the agreement:
(1) The 47 tenured faculty members not covered by the Vermont labor relations board ruling are now eligible for early retirement at age 58 with 15 years of continuous service.
(2) The 99 faculty members covered under the Vermont labor relations board ruling are now eligible at age 57 with 15 years of continuous service.
(3) The salary pool is modified so that 20 percent of the early retirement cost is in the pool as long as there are early retirees.
(b) In addition, faculty members who are not eligible for early retirement but who have paid into the pool will get an additional 1.5 salary points to offset future contributions to the pool. However, this agreement was not designed to offset contributions made in the past by these ineligible faculty members.
(c) Therefore, it is the intent of this act to appropriate funds to repay faculty members not eligible for early retirement for past contributions to the pool.
Sec. 2. APPROPRIATION
(a) The amount of $250,000.00 is appropriated from the general fund to the Vermont state colleges for the purpose of repaying faculty members who are not eligible for early retirement in the amount that they have paid into the early retirement system.
(b) It is the intent of this act to not decrease the appropriation amount recommended by the commission on higher education funding.
The Vermont General Assembly
115 State Street