Terms Used In Vermont Statutes > Title 24 > Chapter 65 > Subchapter 2 - Public Funds

• Accumulated contributions: means the sum of all the amounts deducted for Municipal Employees' Retirement System purposes from the compensation of a member with interest thereon, as provided in subsection 5063(b) of this title. See
• Actuarial equivalent: means a benefit of equal value under actuarial assumptions last adopted by the Retirement Board under subsection 5063a(h) of this title. See
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Trustees of the System provided for in section 5062 of this title to administer the System. See
• Continuous service: means those periods of service as an employee with all employers, provided all of the following conditions are met:

• Creditable service: means that period of continuous service subsequent to an employee joining the System and prior to his or her termination of service, during which an employee makes contributions. See
• Earnable compensation: means the total amounts paid to an employee for his or her position. See
• Employee: means the following persons employed on a regular basis by a school district or by a supervisory union for no fewer than 1,040 hours in a year and for no fewer than 30 hours a week for the school year, as defined in 16 V. See
• Employer: means a municipality, a library at least one-half of whose operating expenses are paid from municipal funds, or a supervisory union. See
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Group B member: means a person employed by a municipality who elects to become a Group B member under section 5068 of this title or becomes a Group B member pursuant to a collective bargaining agreement. See
• Group C member: means a person employed by a municipality who elects to become a Group C member under section 5068 of this title or becomes a Group C member pursuant to a collective bargaining agreement. See
• Group D member: means a person employed by a participating municipality who elects to become a Group D member under section 5068 of this title. See
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means any employee included in the membership of the Retirement System under section 5053 of this title. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Municipality: means a city, town, county, incorporated village, fire district, consolidated water district, housing authority, union municipal district, school district, incorporated school district, union school district, or any of their instrumentalities. See
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Pension: means annual payments for life derived from contributions by the State and municipality. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Personal estate: shall include all property other than real estate. See
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retirement: means withdrawal from active service with a retirement allowance granted under the provisions of this chapter. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• Service: means service as an employee for which compensation is paid by an employer as defined in subdivision (11) of this section, service recognized under section 5054 of this title, or service prior to the effective date of the plan. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• System: means the Municipal Employees' Retirement System of Vermont, as defined in section 5052 of this title. See
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See