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BILL AS INTRODUCED 2007-2008

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H.374

Introduced by Representatives Valliere of Barre City, Brooks of Montpelier, Head of S. Burlington, Kitzmiller of Montpelier and Monti of Barre City

Referred to Committee on

Date:

Subject:  Executive branch; state employees; retirement; postretirement allowances; COLAs

Statement of purpose:  This bill proposes to require that a postretirement cost of living adjustment equal the percentage increase or decrease of the Consumer Price Index for the preceding fiscal year.

AN ACT RELATING TO POSTRETIREMENT COST OF LIVING ADJUSTMENTS FOR STATE EMPLOYEES

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

Sec. 1.  3 V.S.A. § 470(b) is amended to read:

(b)  For group F members, as of June 30 in each year, commencing January 1, 1991, a determination shall be made of the increase or decrease, to the nearest one-tenth of a percent of the Consumer Price Index for the preceding fiscal year.  The retirement allowance of each beneficiary in receipt of an allowance for at least one year on the next following December 31st shall be increased or decreased, as the case may be, by an amount equal to one-half of the percentage increase or decrease equal percentage.  The increase or decrease shall commence on the January 1st immediately following such December 31st.  The adjustment shall apply to group F members receiving an early retirement allowance only in the year following attainment of age 62, provided the member has received benefits for at least 12 months as of December 31 of the year preceding any January adjustment.  The maximum adjustment of any retirement allowance resulting from any such determination shall be five percent and the minimum shall be one percent, and no retirement allowance shall be reduced below the amount payable to the beneficiary without regard to the provisions of this section.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us